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Posted: June 22nd, 2023

HCCS ACCT 2331 2015 Assets Cash

2015AssetsCash$2014102,800$65,100Accountsreceivable,net69,40051,900Inventory66,30096,8004,7005,500Totalcurrentassets243,200219,300Equipment131,200120,000Accum.depreciation—Equipment(28,500 )(10,900 )PrepaidexpensesTotalassets$345,900$328,400$26,100$32,700Liabilitiesand EquityAccountspayableWagespayable7,10016,500Incometaxespayable2,0004,300Totalcurrentliabilities35,20053,500Notespayable(long term)54,00078,000Totalliabilities89,200131,500 EquityCommonstock, $5par value232,000189,000Retainedearnings24,7007,900Totalliabilitiesand equity$345,900$328,400IKIBAN INC.Income StatementFor Year Ended June 30, 2015$ 673,000SalesCost ofgoods sold403,000Grossprofit270,000Operating expensesDepreciationexpenseOtherexpensesTotaloperatingexpenses$58,20066,900125,100144,900Othergains(losses)Gainon sale ofequipment2,900Incomebeforetaxes147,800Incometaxesexpense59,120Netincome$AdditionalInformationa.A $24,000notepayable isretired atits $24,000carrying(book)value inexchangefor cash.b.The onlychangesaffectingretainedearningsare netincomeand cashdividendspaid.c.Newequipmentis acquiredfor$60,100cash.88,680d.Receivedcash forthe sale ofequipmentthat hadcost$48,900,yielding a$2,900gain.e.PrepaidExpensesand WagesPayablerelate toOtherExpenseson theincomestatement.f.Allpurchasesand salesofinventoryare oncredit.

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