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Ch 12: Homework G Saved 12 ! Part 2 of 2 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.) 0.87 points The following financial statements and additional information are reported. eBook 2020 Hint Print $ 59,000 66,000 109,000 8,400 242,400 130,000 (16,500) $ 355,900 References IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 98,500 Accounts receivable, net 87,500 Inventory 78,800 Prepaid expenses 5,900 Total current assets 270,700 Equipment 139,000 Accumulated depreciation-Equipment (34,500) Total assets $ 375,200 Liabilities and Equity Accounts payable $ 40,000 Wages payable 7,500 Income taxes payable 4,900 Total current liabilities 52,400 Notes payable (long term) 45,000 Total liabilities 97,400 Equity Common stock, $5 par value 250,000 Retained earnings 27,800 Total liabilities and equity $ 375,200 $ 52,500 18,000 6,800 77,300 75,000 152, 300 175,000 28,600 $ 355,900 Ch 12: Homework i Saved Help Save ---------------- 12 2012 Part 2 of 2 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 753,000 426,000 327,000 82,000 73,600 171,400 0.87 points Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,500 174,900 45,390 $ 129,510 eBook Hint Additional Information Print References a. A $30,000 notes 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 $72,600 cash. d. Received cash for the sale of equipment that had cost $63,600, yielding a $3,500 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 2021. Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio 1 Choose Numerator: Operating cash flows $ Cash flow on total assets ratio | Average total assets 1 $ 365,550 41,890 11.5%