2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2821 Assets Cash $ 93,700 Accounts receivable, net 99,500 Inventory 86,800 Prepaid expenses 6, 700 Total current assets 286,700 Equipment 147,000 Accumulated depreciation-Equipment (38,500) Total assets $ 395,200 Liabilities and Equity Accounts payable $ 48,000 Wages payable 8,300 Income taxes payable 5,700 Total current liabilities 62,000 Notes payable (long term) 53,000 Total liabilities 115, eee Equity Comoon stock, 55 par value 266, 800 Retained earnings 14, 200 Total liabilities and equity $ 395, 200 $ 67,800 74,000 121,898 10,000 272,000 138,000 (20,500) $ 389,500 $ 64,506 19,600 8, 400 92,500 83,000 175,500 183,000 31,000 $ 389,500 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 $ 793, 000 434,000 359,000 90,000 81,600 187,400 4,300 191, 700 46,190 $ 145, 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 $80,600 cash. d. Received cash for the sale of equipment that had cost $71600, yielding a $4,300 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 16-12 (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