[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 2921 2929 Assets Cash $ 192,700 $ 52,080 Accounts receivable, net 77,000 59,000 Inventory 71,800 98 500 Prepaid expenses 5,280 7.000 Total current assets 256,700 216,500 Equipment 132,000 123,000 Accumulated depreciation-Equipment (31,800) (13,000 Total assets $ 357,789 $ 326,500 Liabilities and Equity Accounts payable $ 33,000 $ 42,098 Wages payable 6.800 16 689 Income taxes payable 4,200 5,400 Total current liabilities 44,000 Notes payable (long term) 38,000 68,888 Total liabilities 82,800 132,000 Equity Common stock, 55 par value 236,990 168,000 Retained earnings 39, 700 26 500 Total liabilities and equity $ 357, 700 $ 326,500 64,000 IKIBAN INCORPORATED Income Statement For Year Ended Dune 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 718,000 419,000 299,000 25 Bee 66,600 157,400 Other gains (losses) Gain on sale of equipment Income before taxes Incode taxes expense Net income 2,800 160,200 44,690 $ 115,516 Additional Information 6. 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 poid: 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 44,000 38,888 82,888 64,000 68,000 132,888 Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 236,200 39,700 5 357,700 168,000 26,500 $ 326,500 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit 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, 480 2,808 160,200 44,698 $ 115,518 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 Exercise 16-12 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: nvesting cash flows Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio Average current assets = Cash flow on total assets ratio Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 8,600 1,480 24,400 28,900 53,380 4,500 2,500 27, 200 66400 93,600 216,400 36,300 $ 306,000 172, 108 8,200 $.274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $.469,700 382, 303 167,400 85,900 36,200 45,300 16,500 $ 28,800 QS 16-26B (Algo) Direct: Computing cash received from customers LO P5 os 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis 2. What is the net increase or decrease in the Cash account for year 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Accounts Receivable Beginning balance Ending Balance Required 2 > 426 HIRI Menu TE 1,100 116, CON THE ANTTI be $ 3,00 Ice 14.40 1 120,00 4, IN 10 10 - 2.0 06.00 ty C. ME 173.100 Y WES TORNAR w HE 40 UBE Deprem TA 167, 15.100 16:00 45. MER OS 16-27B (Algo) Direct: Computing operating cash outflows LO PS 1. How much cash is patientory na 2001 2. How much cash is paid for operating expenses aduang deprecir during year 2006 u prepaid expenses and wages payable Cathy Cade MA