Line Tonowy modul applies to the questions U/Spidyeu veuw The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 94,300 98,000 85,800 6,600 284,700 146,000 (38,000) $392,700 $ 66,000 73,000 119,500 9,800 268,300 137,000 (20,000) $385, 380 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 liabil Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 47,00 8,200 5,600 60,800 52,000 112,800 $ 63,000 19,400 8,200 90,600 82,000 172,600 264,888 15,900 $392,700 182,000 30,700 $385, 300 $788,000 433,000 355,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $80,600 other expenses 89,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 169,600 185,400 4,200 189,600 46,90 $143,510 Additional Information w 89,000 169,600 185,400 Other expenses Total operating expenses other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,200 189,500 46,098 $143,510 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 $79,600 cash d. Received cash for the sale of equipment that had cost $70.600, yielding a $4,200 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 Elow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio = = D