! Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value 2021 $ 97,900 89,000 79,800 6,000 272,700 140,000 (35,000) $ 377,700 $ 41,000 7,600 5,000 53,600 46,000 99,600 252,000 2020 $ 60,000 67,000 110,500 8,600 246,100 131,000 (17,000) $360,100 $ 54,000 18,200 7,000 79,200 76,000 155,200 176,000

Required informotion [The following information applies to the questions displayed below] The following financial statements and additional information are reported. IKIBAN INCORPORATEO Incone Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $758,000427,000331,00083,00074,690173,4003,600177,00045,490$131,510 Additional Information Additional Informotion 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 $73,600 cash. d. Received cash for the sale of equipment that had cost $64,600, yielding a $3,600gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30,2021 . (Amounts to be deducted should be indicated with a minus sign.) Additional Information o. 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 $73.600 cash. d. Recelved cash for the sale of equipment that had cost $64,600, yielding a $3,600 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