ed: Asignacion-Capitulo 166 Total liabilities and equity IKIBAN INCORPORATED 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 Incone before taxes Income taxes expense Net income Saved Help Save & Exit Su $803,000 436,000 367,000 92,000 83,600 191,400 4,500 195,900 46,390 $149,510 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 $82,600 cash. d. Received cash for the sale of equipment that had cost $73,600, yielding a $4,500 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement 1. 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: Operating cash flows 1 Cash Flow on Total Assets Ratio Choose Denominator: Average total assets Cash Flow on Total Assets Ratio Cash flow on total assets ratio