The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2020 2019...
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The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2020 2019 $ 100,300 $ 56,000 83,000 75,800 63,000 104,500 5,600 7,800 264,700 231,300 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 Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 136,000 (33,000) $ 367,700 $ 37,000 7,200 127,000 (15,000) $ 343,300 $ 48,000 17,400 6,200 71,600 4,600 48,800 42,000 72,000 90,800 143,600 244,000 32,900 $ 367,700 172,000 27,700 $ 343,300 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2020 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 $ 738,000 423,000 315,000 79,000 70,600 165,400 3,200 168,600 45,090 $ 123,510 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 $69,600 cash. d. Received cash for the sale of equipment that had cost $60,600, yielding a $3,200 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 2020. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = = Cash Flow on Total Assets Ratio Cash flow on total assets ratio = The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2020 2019 $ 100,300 $ 56,000 83,000 75,800 63,000 104,500 5,600 7,800 264,700 231,300 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 Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 136,000 (33,000) $ 367,700 $ 37,000 7,200 127,000 (15,000) $ 343,300 $ 48,000 17,400 6,200 71,600 4,600 48,800 42,000 72,000 90,800 143,600 244,000 32,900 $ 367,700 172,000 27,700 $ 343,300 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2020 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 $ 738,000 423,000 315,000 79,000 70,600 165,400 3,200 168,600 45,090 $ 123,510 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 $69,600 cash. d. Received cash for the sale of equipment that had cost $60,600, yielding a $3,200 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 2020. Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = = Cash Flow on Total Assets Ratio Cash flow on total assets ratio =
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In order to determine Cash flow on Total Asset ratio one needs to determine net cash through operati... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
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