I need help with this cash flow statement?

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Accounting

Asked: Jan 20th, 2015

Question Description

The following financial statements and additional information are reported.

IKIBAN INC. Comparative Balance Sheets June 30, 2013 and 2012
	2013			2012
Assets
Cash	$	113,400			$	69,800
Accounts receivable, net		69,600				51,300
Inventory		66,600				96,000
Prepaid expenses		5,600				4,700
Equipment		123,100				112,000
Accum. depreciation—Equipment		(28,100	)			(10,400	)

Total assets	$	350,200			$	323,400

Liabilities and Equity
Accounts payable	$	26,900			$	32,200
Wages payable		7,900				16,300
Income taxes payable		2,800				3,700
Notes payable (long term)		48,000				74,000
Common stock, $5 par value		239,000				189,000
Retained earnings		25,600				8,200

Total liabilities and equity	$	350,200			$	323,400

IKIBAN INC. Income Statement For Year Ended June 30, 2013
Sales				$	678,000
Cost of goods sold					409,000

Gross profit					269,000
Operating expenses
Depreciation expense	$	58,400
Other expenses		66,900

Total operating expenses					125,300

					143,700
Other gains (losses)
Gain on sale of equipment					2,900

Income before taxes					146,600
Income taxes expense					58,640

Net income				$	87,960

Additional Information

a.	A $26,000 note payable is retired at its $26,000 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 $60,000 cash.
d.	Received cash for the sale of equipment that had cost $48,900, yielding a $2,900 gain.
e.	Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f.	All purchases and sales of merchandise inventory are on credit.

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