Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. 2017 IKIBAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 Assets Cash $ 77,300 Accounts receivable, net 90,500 Inventory 80,800 Prepaid expenses 6,100 Total current assets 254,700 Equipment 141, eee Accum. depreciation-Equipment (35,500) Total assets $360,200 Liabilities and Equity Accounts payable $ 42,000 Wages payable 7,700 Income taxes payable 5, 100 Total current liabilities 54,800 Notes payable (long term) 47,000 Total liabilities 101,800 Equity Common stock, $5 par value 254,000 Retained earnings 4,400 Total liabilities and equity $360,200 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158, 100 177,000 29, 200 $364,300 BE here to search Hs 09, 11 & 12) Saved IKIBAN INC. Income Statement For Year Ended June 30, 2018 Sales $763,000 Cost of goods sold 428,000 Gross profit 335,000 Operating expenses Depreciation expense $75,600 Other expenses 84,000 Total operating expenses 159,600 175,400 Other gains (losses) Gain on sale of equipment 3,700 Income before taxes 179, 100 Income taxes expense 45,590 Net income $133,510 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600. yielding a $3,700 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. Saved 509, 11 & 12) 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 $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2018. Cash Flow on Total Assets Ratio Choose Numerator: Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0