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The following financial statements and additional information are reported.

IKIBAN INCORPORATEDComparative Balance SheetsAt June 3020212020Assets Cash$ 87,500$ 44,000Accounts receivable, net65,00051,000Inventory63,80086,500Prepaid expenses4,4005,400Total current assets220,700186,900Equipment124,000115,000Accumulated depreciationEquipment(27,000)(9,000)Total assets$ 317,700$ 292,900Liabilities and Equity Accounts payable$ 25,000$ 30,000Wages payable6,00015,000Income taxes payable3,4003,800Total current liabilities34,40048,800Notes payable (long term)30,00060,000Total liabilities64,400108,800Equity Common stock, $5 par value220,000160,000Retained earnings33,30024,100Total liabilities and equity$ 317,700$ 292,900IKIBAN INCORPORATEDIncome StatementFor Year Ended June 30, 2021Sales$ 678,000Cost of goods sold411,000Gross profit267,000Operating expenses (excluding depreciation)67,000Depreciation expense58,600 141,400Other gains (losses) Gain on sale of equipment2,000Income before taxes143,400Income taxes expense43,890Net income$ 99,510

Additional Information

1. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $57,600 cash.
4. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain.
5. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

(2) Compute the companys cash flow on total assets ratio for its fiscal year 2021.