2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 105, 100 Accounts.

2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 105, 100 Accounts.
   2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 105, 100 Accounts receivable, net 71,000 Inventory 67,800 Prepaid expenses 4,800 Total current assets 248,700 Equipment 128,000 Accumulated depreciation-Equipment (29,000) Total assets $ 347,700 Liabilities and Equity Accounts payable 29,000 Wages payable 6,400 Income taxes payable 3,800 Total current liabilities 39,200 Notes payable (long term) 34,000 Total liabilities 73,200 Equity Common stock, $5 par value 228,000 Retained earnings 46,500 Total liabilities and equity $ 347,700 $ 48,000 55,000 92,500 6,200 201,700 119,000 (11,000) $ 309,700 $ 36,000 15,800 4,600 56,400 64,000 120,400 164,000 25,300 $ 309,700 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 698,000 415,000 283,000 71,000 62,600 149,400 2,400 151,800 44,290 $ 107,510 Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $61,600 cash. d. Received cash for the sale of equipment that had cost $52,600, yielding a $2,400 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. May 16 2022 03:13 PM

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