IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 101,500 80,000 73,800 5,400 260,700 134,000 (32,000) $362,780 $ 54,000 61,000 101,500 7,400 223,900 125,000 (14,000) $334,900 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, $5 par value Retained earnings Total liabilities and equity $ 35,000 7,000 4,400 46,400 40,000 86,400 $ 45,000 17,000 5,800 67,800 70,000 137,800 240,000 36,300 $362,700 170,000 27,100 $334,900 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $68,600 Other expenses 77,000 Total operating expenses $728,000 421,000 307,000 145,600 161,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,000 164,400 44,890 $119,510 Additional Information a. A $30,000 note 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 $67,600 cash. d. Received cash for the sale of equipment that had cost $58,600, yielding a $3,000 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Choose Numerator: Cash Flow on Total Assets Ratio I Choose Denominator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio