The following financial statements and additional information are reported.

IKIBAN INCORPORATED

Comparative Balance Sheets

At June $3020212020$

Assets

Cash $ $100,300$ $ $56,000$

Accounts receivable, net $83,00063,000$

Inventory $75,800104,500$

Prepaid expenses $5,6007,800$

Total current assets $264,700231,300$

Equipment $136,000127,000$

Accumulated depreciation$$Equipment $(33,000)(15,000)$

Total assets $ $367,700$ $ $343,300$

Liabilities and Equity

Accounts payable $ $37,000$ $ $48,000$

Wages payable $7,20017,400$

Income taxes payable $4,6006,200$

Total current liabilities $48,80071,600$

Notes payable $($long term$)42,00072,000$

Total liabilities $90,800143,600$

Equity

Common stock, $$5$ par value $244,000172,000$

Retained earnings $32,90027,700$

Total liabilities and equity $ $367,700$ $ $343,300$

IKIBAN INCORPORATED

Income Statement

For Year Ended June $30,2021$

Sales $ $738,000$

Cost of goods sold $423,000$

Gross profit $315,000$

Operating expenses $($excluding depreciation$)79,000$

Depreciation expense $70,600$

$165,400$

Other gains $($losses$)$

Gain on sale of equipment $3,200$

Income before taxes $168,600$

Income taxes expense $45,090$

Net income $ $123,510$

Additional Information

A $$30,000$ notes payable is retired at its $$30,000$ carrying $($book$)$ value in exchange for cash.

The only changes affecting retained earnings are net income and cash dividends paid.

New equipment is acquired for $$69,600$ cash.

Received cash for the sale of equipment that had cost $$60,600,$ yielding a $$3,200$ gain.

Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.

All purchases and sales of inventory are on credit.

$(1)$ Prepare a statement of cash flows using the indirect method for the year ended June $30,2021.$

$(2)$ Compute the company$$s cash flow on total assets ratio for its fiscal year $2021.$