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IKIBAN INC. Income Statement For Year Ended June 30, 2018 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses $678,000 411,089 267,000 125,600 141,480 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 2,000 143,400 43,899 $ 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 $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. f. All purchases and sales of inventory are on credit. Exercise 12-11 Indirect: Preparing statement of cash flows (part 2) LO P1, P2, P3, A1 2) Compute the company's cash flow on total assets ratio for its fiscal year 2018 Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio = 0