Reporting Cash flows #5

Required Information [The following Information applles to the questions displayed below.] The following financlal statements and additional information are reported. Additional Information 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 $69,600 cash. d. Recelved cash for the sale of equipment that had cost $60,600, ylelding a $3,200 galn. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the Income statement. f. All purchases and sales of Inventory are on credit. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021