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The following financial sistements and editional Information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets $ 87,500 $ 44.000
The following financial sistements and editional Information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets $ 87,500 $ 44.000 Accounts receivable, net 65, 51.co Inventory 63,800 5,500 Prepaid expenses Total current assets 220,00 16,90 Equipment 124,00 115,cea Accum. depreciation Equipment (27.00) (9.cea) Total assets $317,780 $292,900 Liabilities and Equity Accounts payable $ 25,000 $ 30.000 wag payable 6,000 15. Income taxes payable 3. Total current liabilities 34.400 Notes payable long term) 30,00 50 Total abilities 188, Equity Common stock, $5 par value 220,00 150.000 Retained earnings 33,300 Total abilities and equity $317,780 $292,000 $678,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense S5R, Other expenses 67.000 Total operating expenses other gains (losses) Gain on sale of equipment Income before a Income taxes pense Net Income 125,60 2,000 143,400 43,90 $ 99,510 Additional Information ..A $30,000 note payable is retired at its $30,000 carrying (bookvalue in exchange for cash b. The only changes sffecting retained esrnings are net income and cash olvidends paid. c. New equipment is scoured for $57,500 cash d. Received cash for the sale of equipment that he cost $49,600. yielding a $2.000 galin e. Prepaid Expenses and Wages Payable reste to Other Expenses on the income statement All purchases and sales of inventory are on credt. Compute the company's cash flow on total assets ratio for its fiscal year 2019. Choose Numerator: Operating cash flows Cash Flow on Total Ascats Ratio 1 Chocce Denominator: = Cash Flow on Total Assets Ratio I wage to eat Cash flow on total sets rato
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