Part 1 of 2 Required information {The following information applies to the questions displayed below.) The following financial statements and additional information are reported. TRIBAN INC Comparative Balance Sheets June 30, 2019 and 2018 6 points 2019 2018 BOOK Pret $ 87,500 65,000 63,800 4,400 220, 700 124,000 27,000) $317,700 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9.000) $292,900 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Aceun. depreciation Equipment Total assets Liabilities and Equity Accounts payable Wagos payable Income taxes payablo Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, 65 par value Retained earnings Total Liabilities and equity $ 25,000 6.000 3.400 34.400 30.000 64.400 $ 30,000 15,000 3,800 48,800 60.000 108.800 220.000 33200 $317.700 160,000 24.100 5292,900 VVV Retained earnings Total liabilities and equity 33,300 $317,700 www 24,100 $292,900 $678,000 411,000 267,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 125,600 141,400 2,000 143,400 43,890 $ 99,510 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 $57600 cash d. Received cash for the sale of equipment that had cost $48,600 yielding a $2,000 gain, e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement 1. All purchases and sales of inventory are on credit. education.com Portfolio | Robinh De Article Rewriter -- Mail. Jatin Thaku Log in to Carve (Login - Powered b. Ch 12: Homework interactive Math 4 TAR Required information Part 1 of 2 IKIAN, INC. Statement of Cash Flow (Indirect Method For Year Ended June 10, 2018 Cash Bows from operating activities 6 points Adjustments to reconcile net income to nel cash provided by operating activities Income watement temnotecting cash Changes in current operating sets and be 0 Cashows from investing 0 Prev of 7 Next > 888 2 3 4 % 5 & 7 8 W E R T Y C S D F H Required information of 2 Cash flows from investing activities $ 0 ook int Cash flows from financing activities 0 Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end 0 0 $ $ 0 CULOS Income taxes expense Net income 13, 43,890 $ 99,510 2 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Other 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 2019. Cash Flow on Total Assets Ratio Choose Numerator: Choose Denominator - Cash Flow on Total Assets Ratio Cash flow on total assets ratio
