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Required Information Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported 2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 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 $ 51, 000 58,000 97,000 6, 800 212, BOC 122, oes (12,500) $322, 300 $ 40, 560 16, 400 5, 200 62, 106 67,000 129, 100 167, 680 37,000 79, 800 67, 129, 100 Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 234, 000 41,400 $355,200 167, 080 26, 200 $322, 300 IKIBAN INC Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $65,600 Other expenses 74,000 Total operating expenses $713,000 418,000 295,600 139, 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. 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. Exercise 16-11 Part 2 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2017 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 0