[The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash $ 116,600 $ 71,400 Accounts receivable, net 69,700 51,400 Inventory 66,500 96,400 Prepaid expenses 5,100 6,100 257,900 123,600 225,300 111,000 Total current assets Equipment Accum. depreciation- Equipment (29,000) (10,500) Total assets $352,500 $325,800 Liabilities and Equity Accounts payable $ 26,200 Wages payable 7,500 Income taxes payable 2,200 $ 32,500 16,800 4,400 Total current liabilities Notes payable (long term) 35,900 53,000 53,700 79,000 88,900 132,700 Total liabilities Equity Common stock, $5 par value Retained earnings 238,000 185,000 25,600 8,100 Total liabilities and equity $352,500 $325,800 IKIBAN INC. Income Statement For Year Ended June 30, 2015 672,000 $ Sales 412,000 Cost of goods sold 260,000 Gross profit Operating expenses 57,800 Depreciation expense $ 66,800 Other expenses Total operating expenses 124,600 135,400 Other gains (losses) Gain on sale of equipment 2,400 Income before taxes Income taxes expense 137,800 55,120 Net income $ 82,680 a. Additional Information A $26,000 note payable is retired at its $26,000 carrying (book) value in exchange for cash. The only changes affecting retained earnings are net income and cash b. dividends paid. c. New equipment is acquired for $62,100 cash. Received cash for the sale of equipment that had cost $49,500, yielding a d. - $2,400 gain. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. e value: 2.55 points Required: (1)Prepare a statement of cash flows for the year ended June 30, 2015, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2015 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 Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end Hints References eBook & Resources Hint #1 Check my work value: 2.55 points (2)Compute the company's cash flow on total assets ratio for its fiscal year 2015. Choose Numerator: - Cash Flow on Total Assets Ratio Choose Cash Flow on Total Denominator: Assets Ratio Cash flow on total assets ratio