The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash $ 97,400 $ 62,100 Accounts receivable, net 69,900 51,800 Inventory 66,500 96,200 Prepaid expenses 4,400 5,800 Total current assets 238,200 215,900 Equipment 129,800 119,000 Accum. depreciationEquipment (28,500 ) (10,200 ) Total assets $ 339,500 $ 324,700 Liabilities and Equity Accounts payable $ 26,600 $ 32,400 Wages payable 7,400 16,200 Income taxes payable 2,300 3,600 Total current liabilities 36,300 52,200 Notes payable (long term) 47,000 77,000 Total liabilities 83,300 129,200 Equity Common stock, $5 par value 231,000 188,000 Retained earnings 25,200 7,500 Total liabilities and equity $ 339,500 $ 324,700 IKIBAN INC. Income Statement For Year Ended June 30, 2015 Sales $ 671,000 Cost of goods sold 408,000 Gross profit 263,000 Operating expenses Depreciation expense $ 58,300 Other expenses 66,800 Total operating expenses 125,100 137,900 Other gains (losses) Gain on sale of equipment 2,000 Income before taxes 139,900 Income taxes expense 55,960 Net income $ 83,940 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 $59,600 cash. d. Received cash for the sale of equipment that had cost $48,800, yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. and 2 COMPUTE THE COMPANY"S CASH FLOW ON TOTAL ASSETS RATIO FORITS FISCAL YEAR 2015.