! Required Information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 181,580 Accounts receivable, net 80,000 Inventory 73, Bee Prepaid expenses 5,480 Total current assets 260,780 Equipment 134,00 Accumulated depreciation Equipment (32,eee) Total assets $362,700 Liabilities and Equity Accounts payable $ 35,000 Wages payable 7,880 Income taxes payable 4,480 Total current liabilities 46,400 Notes payable (long term) 40,000 Total liabilities 86,480 Equity Common stock, $5 par value 240,eee Retained earnings 36, 380 Total liabilities and equity $362,780 $ 54,80 61,080 101,500 7,480 223,980 125, eee (14,080) $ 334, 980 $ 45, eee 17,880 5,880 67, Bee 70,000 137,800 170, eee 27,180 $ 334,980 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 728,888 421,000 307,600 77,eee 68,600 161,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3, eee 164,400 44,890 $ 119,510 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 $67.600 cash. d. Received cash for the sale of equipment that had cost $58.600. yielding a $3.000 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. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: 1 Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio =