t 2 of 2 Required Information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below) The following financial statements and additional Information are reported. 2020 eBook Hint $ 61,900 68,000 112,990 8,800 249,800 132, eee (17,500 $ 364,380 Ask IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2821 Assets Cash $ 97,380 Accounts receivable, net 90, see Inventory 89,800 Prepaid expenses 6,100 Total current assets 274,700 Equipment 141,eee Accumulated depreciation-Equipment (35,589) Total assets 3 380,200 Liabilities and Equity Accounts payable $ 42,000 Wages payable 7,7ea Income taxes payable 5,188 Total current liabilities 54,880 Notes payable (long term) 47.eee Total liabilities 1e1,800 Equity Common stock, ss par value 254,000 Retained earnings 24,400 Total liabilities and equity 380, 200 Print $ 55,500 18,480 2.280 81,180 17.ee 158,184 rences 127,000 29,200 5 364, 300 Total liabilities and equity $ 380,200 5 364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $763,000 428, cee 335,000 84,080 75,689 175,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 3,700 179, 180 45,590 $ 133,510 Additional Information 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 pald. c. New equipment is acquired for $74.600 cash. d. Received cash for the sale of equipment that had cost $65.600. ylelding a $3.700 gain e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the Income statement 1. All purchases and sales of Inventory are on credit. Purchases and sales of inventory are on credit. nts Exercise 12-12 (Algo) Part 2 eBook (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021 Hint Choone Numerator: Cash Flow on Total Asets Ratio Choose Denominator Cash Flow on Total Assets Ratio Cash flow on total assets ratio Ask 1 Print Financing cash flows Investing cash flows Operating cash flows ferences 47