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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statemer f. All purchases and sales of inventory are on credit. Exercise 12-12 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. IKIBAN INCORPORATED At June 30 Comparative Balance Sheets Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets 20212020 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities \begin{tabular}{rr} $96,700 & $62,000 \\ 92,000 & 69,000 \\ 81,800 & 113,500 \\ 6,200 & 9,000 \\ \hline 276,700 & 253,500 \\ 142,000 & 133,000 \\ (36,000) & (18,000) \\ \hline$382,700 & $368,500 \\ \hline \end{tabular} Equity Common stock, \$5 par value Retained earnings Total liabilities and equity \begin{tabular}{rr} $43,000 & $57,000 \\ 7,800 & 18,600 \\ 5,200 & 7,400 \\ \hline 56,000 & 83,000 \\ 48,000 & 78,000 \\ \hline 104,000 & 161,000 \end{tabular} 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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 1212 (Algo) Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021