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[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,
[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, 2019 and 2018 2019 2018 $ 97,900 89,000 79,800 6,000 272,700 140,000 (35,000) $377,700 $ 60,000 67,000 110,500 8,600 246,100 131,000 (17,000) $360,100 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable 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 $ 41,000 7,600 5,000 53,600 46,000 99,600 $ 54,000 18,200 7,000 79,200 76,000 155,200 252,000 26,100 $377,780 176,000 28,900 $360,100 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $74,600 Other expenses 83,000 Total operating expenses $758,000 427,000 331,000 157,600 173,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,600 177,000 45,490 $131,510 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2019. Choose Numerator: Operating cash flows Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio Average total assets = Cash flow on total assets ratio |
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