At June 30 Assets Cash Comparative Balance Sheets Accounts receivable, net Inventory Prepaid expenses 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 Common stock, $5 par value Retained earnings Total liabilities and equity IKIBAN INCORPORATED Income Statement 2021 $ 97,300 90,500 80,800 2020 $ 61,000 68,000 112,000 6,100 8,800 249,800 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 132,000 (17,500) $ 364,300 $ 55,500 18,400 5,100 7,200 54,800 81,100 47,000 77,000 101,800 158,100 254,000 24,400 177,000 29,200 $ 380,200 $ 364,300 Sales Cost of goods sold Gross profit For Year Ended June 30, 2021 $ 763,000 428,000 335,000 84,000 75,600 175,400 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information 3,700 179,100 45,590 $ 133,510 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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 2021. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = = Cash Flow on Total Assets Ratio Cash flow on total assets ratio