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\begin{tabular}{lrr} & \multicolumn{3}{c}{ IKIBAN INCORPORATED } & \\ & \multicolumn{1}{c}{ Comparative Balance Sheets } & \\ & 2020 & 2019 \\ At June 30 & & \\ Assets & $106,900 & $45,000 \\ Cash & 66,500 & 52,000 \\ Accounts receivable, net & 64,800 & 88,000 \\ Inventory & 4,500 & 5,600 \\ Prepaid expenses & 242,700 & 190,600 \\ Total current assets & 125,000 & 116,000 \\ Equipment & (27,500) & (9,500) \\ Accumulated depreciation-Equipment & $340,200 & $297,100 \\ Total assets & & \\ Liabilities and Equity & $26,000 & $31,500 \\ Accounts payable & 6,100 & 15,200 \\ Wages payable & 3,500 & 4,000 \\ Income taxes payable & 35,600 & 50,700 \\ Total current liabilities & 31,000 & 61,000 \\ Notes payable (long term) & 66,600 & 111,700 \\ Total liabilities & & \\ Equity & 222,000 & 161,000 \\ Common stock, $5 par value & 51,600 & 24,400 \\ Retained earnings & $340,200 & $297,100 \\ \hline Total liabilities and equity & & \\ & & \end{tabular} IKIBAN INCORPORATED Income Statement For Year Ended June 30,2020 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 $683,000412,000271,00068,00059,600143,4002,100145,50043,990$101,510 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 $58,600 cash. d. Received cash for the sale of equipment that had cost $49,600, yielding a $2,100 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. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2020