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75. IKTEANING Comparative Balance Sheets June 30, 2017 and 2016 2817 Assets Cash 93.10 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable $49.Baa Wages payable 8.4ea Income taxes payable 5.Bea Total current liabilities 6.223 Notes payable (long term) 54.22 Total liabilities 117,202 Equity Common stock, $5 par value 268.aaa Retained earnings 12 588 Total liabilities and equity $397,780 $ 68, ce 122,50 18.20 275, 760 139, see (21. eee) $393,788 $66.eee 19.see 8, bee 94.40 84. eee 178, 4ee 184.eee 31, 3ee $393,7ee $798, eae 435, eee 363,888 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $82,600 Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 91.ma 173,600 189,480 4.488 193,888 46.298 $147,512 Additional Information a. A $30,000 note 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 $81,600 cash. d. Received cash for the sale of equipment that had cost $72,600. yielding a $4,400 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit Required: Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted should be indicated with a minus sian.)

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