The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2020 2019 Assets Cash $ 87,500 $ 44,000 Accounts receivable, net 65,000 51,000 Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets 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 63,800 86,500 4,400 5,400 220,700 186,900 124,000 115,000 (27,000) (9,000) $317,700 $292,900 $ 25,000 6,000 3,400 $ 30,000 15,000 3,800 34,400 48,800 30,000 60,000 64,400 108,800 220,000 160,000 Retained earnings 33,300 24,100 Total liabilities and equity $ 317,700 $ 292,900 IKIBAN INCORPORATED Income Statement Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) For Year Ended June 30, 2020 $ 678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information 43,890 $ 99,510 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. ces (2) Compute the company's cash flow on total assets ratio for its fiscal year 2020. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio = Cash flow on total assets ratio =