[The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable 2021 2020 $ 102,700 77,000 $ 52,000 71,800 59,000 98,500 5,200 7,000 256,700 216,500 132,000 123,000 (31,000) $ 357,700 $ 33,000 6,800 (13,000) $ 326,500 $ 42,000 16,600 Income taxes payable 4,200 5,400 Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings 44,000 64,000 38,000 68,000 82,000 132,000 236,000 168,000 39,700 26,500 Total liabilities and equity $ 357,700 $ 326,500 IKIBAN INCORPORATED Sales Cost of goods sold Gross profit IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 718,000 419,000 299,000 75,000 66,600 157,400 2,800 160, 200 $ 115,510 44,690 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 $65,600 cash. d. Received cash for the sale of equipment that had cost $56,600, yielding a $2,800 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: Cash Flow on Total Assets Ratio Choose Denominator Cash Flow on Total Assets Ratio Cash flow on total assets ratio