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Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 (The following information applies to the questions displayed below. The following financial statements and additional information are reported. 2019 IKIBAN INC. Comparative Balance Sheets At June 30 2020 Assets Cash $ 94,900 Accounts receivable, net 96,500 Inventory 84,800 Prepaid expenses 6,500 Total current assets 282,700 Equipment 145,000 Accum. depreciation-Equipment (37,500) Total assets $390, 200 Liabilities and Equity Accounts payable $ 46,000 Wages payable 8,100 Income taxes payable 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 Total liabilities 110,600 Equity Common stock, $5 par value 262,000 Retained earnings 17,600 Total liabilities and equity $390, 200 $ 65,000 72,000 118,000 9,600 264,600 136,000 (19,500) $381,100 $ 61,500 19, 200 8,000 88,700 81,000 169, 700 181,000 30,400 $381,100 IKIBAN INC. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 783,000 432,000 351,000 88,000 79,600 183,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,100 187,500 45,990 $ 141,510 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 $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 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 12-12 (Algo) Part 2 2) Compute the company's cash flow on total assets ratio for its fiscal year 2020. X Answer is not complete. Choose Numerator: 1 Cash Flow on Total Assets Ratio Choose Cash Flow on Total Assets Denominator: Ratio Average total assets = Cash flow on total assets ratio 0 Operating cash flows =