ch 12 ex12-11

The following financial statements and additional Information are reported. IKIBAN INC Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 5103,9ee5 se, eee 74, eee 57, eee 69,8ee 9 5,5ee 5, eee 6,6ee 252,7ee 289, 109 138, eee 121, eee (3e, eee) (12, eee) $352, 7ee $318,1ee Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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, 55 par value Retained earnings Total liabilities and equity $ 31, eee 6, see 4, esa 41.ee $ 39, eee 16, 2ee 5, eee 60.2ee 66.be 126,2ee 16. 77, see IKIBAN INC Income Statement For Year Ended June se, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total Operating expertes Other ins (losses) Gain on sale of equipment Incore before taxes Income taxes expense Additional Information 8. A $30,000 note payable is retired at its $30.000 carving book value in exchange for cash b. The only changes affecting retained earnings are ne income and cash dividends pald c. New equipment 5 scoured for $63.600 cash d. Receveo con for these of equipment that had cos: $54.500. yleding a $2.600 gain e. Prepod Expenses and Wages Payboe te ste to the Expenses on the income statement 1. Al purchases and sales of inventory be on creat t. All purchases and sales of Inventory are on credit Exercise 12-11 Part 1 Required: (1) Prepare a statement of cash flows using the Indirect method for the year ended June 30, 2019. (Amounts to be deducted shoul be Indicated with a minus sign.) IKIBAN, INC Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities : Cash fows from investing activities Cash form facing activities No - b se cere cash est of young (2) Compute the company's cash flow on total assets ratio for its fiscal year 2019. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio