Exercise 16-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1

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The following financial statements and additional information are reported.

The following financial statements and additional information are reported. Agaitional intormation 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 $68,600 cash. d. Received cash for the sale of equipment that had cost $59,600, yielding a $3,100 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. Exercise 16-12 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021