Required Informetlon The following information applies to the questions displayed below The following financlal statements and additional Information are reported. IKIBAN INC Comparative Balance Sheets June 38, 2817 and 2816 2817 2816 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 94,98 96, 588 84,880 65,800 72,88e 118,800 9,688 264, 60e 136,eee 6,580 145,808 (37,580) (19,588) $39e,28 381,188 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 Retained earnings Total liabilities and equity 46,80e 61,58e 19,288 8,88e 88,78e 81,80e 169,780 8,18e 5,500 59,680 51,80e 118,688 181,880 38,480 $398,28 381,18e 262,880 17,688 IKIBAN INC Income Statement For Year Ended June 38, 2817 Sales Cost of goods sold Gross profit Operating expenses $783,808 432,888 351,8ee Depreciation expense Other expenses $79,68e 88,808 Total operating expenses 167,686 183,480 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,18e 187,58e 45,998 5141,518 Additional Information a. A $30,000 note payable is retired at its $30,000 carrylng (book) value in exchange for cash. b. The only changes affecting retalned earnings are net income and cash dividends pald. c. New equipment is acquired for $78,600 cash. d. Recelved cash for the sale of equipment that had cost $69,600. ylelding a $4100 gain. e. Prepald Expenses and Wages Payable relate to Other Expenses on the Income statement. f. All purchases and sales of Inventory are on credit. Requlred (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted should be indiceted with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Gain on sale of plant assets Cash paid for income taxes Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (2) Compute the company's cash flow on total assets ratio for Its fiscal year 2017. Cash Flow on Total Assets Ratio Choose Numerator: Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017. (Amounts to be deducted should be Indicated wlth a minus sign.) IKIBAN, INC Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities Cash flows from investing activities Cash flows from financing acti Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end