The following financial statements and additional information are reported.

IKIBAN INC. Comparative Balance Sheets
At June 30	2020				2019
Assets
Cash	$	106,300			$	46,000
Accounts receivable, net		68,000				53,000
Inventory		65,800				89,500
Prepaid expenses		4,600				5,800
Total current assets		244,700				194,300
Equipment		126,000				117,000
Accum. depreciationEquipment		(28,000	)			(10,000	)
Total assets	$	342,700			$	301,300
Liabilities and Equity
Accounts payable	$	27,000			$	33,000
Wages payable		6,200				15,400
Income taxes payable		3,600				4,200
Total current liabilities		36,800				52,600
Notes payable (long term)		32,000				62,000
Total liabilities		68,800				114,600
Equity
Common stock, $5 par value		224,000				162,000
Retained earnings		49,900				24,700
Total liabilities and equity	$	342,700			$	301,300

IKIBAN INC. Income Statement For Year Ended June 30, 2020
Sales	$	688,000
Cost of goods sold		413,000
Gross profit		275,000
Operating expenses (excluding depreciation)		69,000
Depreciation expense		60,600
		145,400
Other gains (losses)
Gain on sale of equipment		2,200
Income before taxes		147,600
Income taxes expense		44,090
Net income	$	103,510

Additional Information

1. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $59,600 cash.
4. Received cash for the sale of equipment that had cost $50,600, yielding a $2,200 gain.
5. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

Required:

(1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.)

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X Answer is not complete. IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities Net income $ 103,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 60,600 Gain on sale of plant assets (2,200) Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable (15,000) 23,700 1,200 (6,000) (9,200) (600) $ 156,010 $ 156,010 Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 10,200 (59,600) (49,400) Net cash used in investing activities Cash flows from financing activities Cash received from stock issuance 62,000 Cash paid to retire notes Cash paid for dividends (30,000) (78,310) $ Net cash used in financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (46,310) 60,300 46,000 106,300 $ Exercise 12-12 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2020. Cash Flow on Total Assets Ratio Choose Numerator: Cash Flow on Total Assets Ratio Operating cash flows 1 Choose Denominator: | Average total assets 1 Cash flow on total assets ratio