Comparative Balance Sheets 2020 At June 30 2021 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets \begin{tabular}{rr} $105,700 & $47,000 \\ 69,500 & 54,000 \\ 66,800 & 91,000 \\ 4,700 & 6,000 \\ \hline 246,700 & 198,000 \\ 127,000 & 118,000 \\ (28,500) & (10,500) \\ \hline$345,200 & $305,500 \\ \hline \end{tabular} Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities \begin{tabular}{rrr} $28,000 & $34,500 \\ 6,300 & 15,600 \\ 3,700 & 4,400 \\ \hline 38,000 & 54,500 \\ 33,000 & 63,000 \\ \hline 71,000 & 117,500 \end{tabular} Bquity Common stock, $5 par value Retained earnings Total ijabilities and equity IKIBAN INCORPORATED Income statement For Year Ended June 30,2021 Cost of goods mold Grous profit operating expenses (excluding depreciation) Depreciation expense Other gaina (losses) Gain on wale of equipment Income before taxes Income taxes expense Net income $693,000414,000279,00070,00061,600147,4002,300149,70044,190$105,510 a. A \$sU,UUU notes payable is retred at its $U,U carrying (DOok) value in exchange tor cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $60,600 cash. d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 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