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Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance

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Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,100 Accounts receivable, net 93,500 Inventory 82,800 Prepaid expenses 6,300 Total current assets 278,700 Equipment 143,000 Accum. depreciation-Equipment (36,500) Total assets $385,200 Liabilities and Equity Accounts payable $ 44,000 Wages payable 7,900 Income taxes payable 5,300 Total current liabilities 57,200 Notes payable (long term) 49,000 Total liabilities 106, 200 Equity Common stock, $5 par value 258,000 Retained earnings 21,000 Total liabilities and equity $385,200 $ 63,000 70,000 115,000 9,200 257,200 134,000 (18,500) $372, 700 $ 58,500 18,800 7,600 84,900 79,000 163,900 179,000 29,800 $372,700 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold $773,000 430,000 SAAAA IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 77,600 Other expenses 86,000 Total operating expenses $773,000 430,000 343,000 163,600 179,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,900 183, 300 45,790 $137,510 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 $76,600 cash. d. Received cash for the sale of equipment that had cost $67,600, yielding a $3,900 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. 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 $76,600 cash. d. Received cash for the sale of equipment that had cost $67,600, yielding a $3,900 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 2019. Choose Numerator: Cash Flow on Total Assets Ratio 1 Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio 1 0

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