[The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $103,300 Accounts receivable, net 75,500 Inventory 70, 800 Prepaid expenses 5, 100 Total current assets 254,700 Equipment 131,000 Accum. depreciation Equipment (30,500) Total assets $355,200 Liabilities and Equity Accounts payable $ 32,000 Wages payable 6, 700 Income taxes payable 4, 100 Total current liabilities 42,800 Notes payable (long term) 37,000 Total liabilities 79, 800 Equity Common stock, $5 par value 234,000 Retained earnings 41,400 Total liabilities and equity $355,200 $ 51,000 58,000 97,000 6,800 212,800 122, 000 (12,500) $322,300 $ 40,500 16,400 5,200 62, 100 67,000 129, 100 167,000 26, 200 $322,300 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold da gure 28, 2010 719, $713,000 418,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $65, 600 Other expenses 74,000 Total operating expenses $713, 000 418,000 295,000 139, 600 155, 400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,700 158, 100 44,590 $113,510 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 $64,600 cash. d. Received cash for the sale of equipment that had cost $55,600, yielding a $2,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities of 2 Cash flows from investing activities Cash flows from financing activities ences Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (2) Compute the company's cash flow on total assets ratio for its fiscal year 2019. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio