The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 97,900 $ 60, eee Accounts receivable, net 89,000 67,000 Inventory 79,800 118, see Prepaid expenses 8,600 Total current assets 272,700 246, 10e Equipment 140,000 131, eee Accumulated depreciation-Equipment (35,eee) (17,eee) Total assets $ 377,700 $ 360,180 Liabilities and Equity Accounts payable $ 41, eee $ 54, eee Wages payable 7,600 18, 2ee Income taxes payable 5, eee 7,eee Total current liabilities 53,600 79,200 Notes payable (long term) 46,000 76,000 Total liabilities 99,60 155,200 Equity Common stock, $5 par value 252,00 176,000 Retained earnings 26, 100 28,900 Total liabilities and equity $ 377,700 $ 350, 100 IKIBAN INCORPORATED Income Statement For Year Ended June 3e, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 758, 800 427,000 331, eee 83,000 74,600 173,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,600 177,000 45,490 $ 131,510 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 paid. c. New equipment is acquired for $73.600 cash. d. Received cash for the sale of equipment that had cost $64,600, yielding a $3,600 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. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: 7 Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio 1 11 11 Financing cash flows Investing cash flows Operating cash flows (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: Cash Flow on Total Assets Ratio 1 Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio 1 Accounts receivable, net Average accounts receivable, net Average current assets Average current liabilities (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: Cash Flow on Total Assets Ratio 1 Choose Denominator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio Average current assets Average current liabilities Average total assets Cost of goods sold Net sales