[The following information applies to the questions displayed below.) The following financial statements and additional information...

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[The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 39 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity 2021 2020 $ 96,700 $ 62,000 92,000 69,000 81,800 113,500 6,200 9,000 276,700 253,500 Accounts payable wages payable Income taxes payable 5,200 142,000 (36,000) $ 382,700 $ 43,000 7,800 133,000 (18,000) $ 368,500 $ 57,000 18,600 7,400 Total current liabilities 56,000 83,000 Notes payable (long term) 48,000 78,000 Total liabilities Equity 104,000 161,000 Common stock, $5 par value Retained earnings 256,000 22,700 178,000 29,500 Total liabilities and equity $ 382,700 $ 368,500 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 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 $ 768,000 429,000 339,000 85,000 76,600 177,400 3,800 181, 200 45,690 $ 135,510 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021 Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities KIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Adjustments to reconcile net income to net cash provided by operating activities Income statement hems not affecting cash Changes in current operating assets and Babies Cash flows from investing activities Cash flows from Inancing actes Net increase decrease in casT Cash balance at poor year end Cash bilance at current year end At June 30 Assets IKIBAN INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity 2021 $ 96,700 92,000 81,800 2020 $ 62,000 69,000 113,500 6,200 9,000 276,700 253,500 142,000 (36,000) $ 382,700 $ 43,000 7,800 5,200 56,000 133,000 (18,000) $ 368, 500 $ 57,000 18,600 7,400 83,000 48,000 78,000 184,000 161,000 256,000 178,000 22,700 29,500 Common stock, $5 par value Retained earnings Total liabilities and equity $ 382,700 $ 368,500 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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. Exercise 12-12 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 39 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity 2021 2020 $ 96,700 $ 62,000 92,000 69,000 81,800 113,500 6,200 9,000 276,700 253,500 Accounts payable wages payable Income taxes payable 5,200 142,000 (36,000) $ 382,700 $ 43,000 7,800 133,000 (18,000) $ 368,500 $ 57,000 18,600 7,400 Total current liabilities 56,000 83,000 Notes payable (long term) 48,000 78,000 Total liabilities Equity 104,000 161,000 Common stock, $5 par value Retained earnings 256,000 22,700 178,000 29,500 Total liabilities and equity $ 382,700 $ 368,500 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 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 $ 768,000 429,000 339,000 85,000 76,600 177,400 3,800 181, 200 45,690 $ 135,510 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021 Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities KIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Adjustments to reconcile net income to net cash provided by operating activities Income statement hems not affecting cash Changes in current operating assets and Babies Cash flows from investing activities Cash flows from Inancing actes Net increase decrease in casT Cash balance at poor year end Cash bilance at current year end At June 30 Assets IKIBAN INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity 2021 $ 96,700 92,000 81,800 2020 $ 62,000 69,000 113,500 6,200 9,000 276,700 253,500 142,000 (36,000) $ 382,700 $ 43,000 7,800 5,200 56,000 133,000 (18,000) $ 368, 500 $ 57,000 18,600 7,400 83,000 48,000 78,000 184,000 161,000 256,000 178,000 22,700 29,500 Common stock, $5 par value Retained earnings Total liabilities and equity $ 382,700 $ 368,500 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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. Exercise 12-12 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio