Jork Saved 2018 w June 30, 2019 and 2018 2019 Assets Cash $ 93,100 Accounts receivable, net 101,000 Inventory 87,800 Prepaid expenses 6,800 Total current assets 288,700 Equipment 148,000 Accum. depreciation-Equipment (39,000) Total assets $397,700 Liabilities and Equity Accounts payable $ 49,000 Wages payable 8,400 Income taxes payable 5,800 Total current liabilities 63,200 Notes payable (long term) 54,000 Total liabilities 117,200 Equity Common stock, $5 par value 268,000 Retained earnings 12,500 Total liabilities and equity $397,700 $ 68,000 75,000 122,500 10,200 275,700 139,000 (21,000 $393,700 $ 66,000 19,800 8,600 94,400 84,000 178,488 184,000 31,300 $393,700 $798,000 435,000 363,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $82,600 Other expenses 91,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 173,600 189, 480 4,400 193,800 46,290 $147,510 Saved Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cast b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $81,600 cash. d. Received cash for the sale of equipment that had cost $72,600. yielding a $4,400 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. Exercise 12-11 Part 2 (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 S ga 80 888 F2