Required information The following information applies to the questions displayed below. The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment $103,900 5e,ee0 57,000 95, 500 6,600 252,700 209,100 121,000 74,000 69,800 5,000 130,000 (30,000) (12,000) Total assets $352,700 318,100 Liabilities and Equity Accounts payable 31,000 39,000 16, 200 5,000 60, 200 66,00e 77,600126,20e Wages payable Income taxes payable Total current liabilities 6,600 4,000 41,600 36,00066 0 Notes payable (long term) Total 1liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 232,000 43,100 $352,700 166, e00 25, 90 $318,100 -IKI BAN INC IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $708,000 417,000 291,600 Depreciation expense Other expenses Total operating expenses $64,600 73,690 137,600 153,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,600 156,000 44,490 $111,518 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 $63,600 cash. d. Received cash for the sale of equipment that had cost $54,600, yielding a $2,600 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 2017 Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Choose Numerator Cash flow on total assets ratio 0