IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash Accounts receivable, net Prepaid expenses...

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IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash Accounts receivable, net Prepaid expenses $ 93,100 101,000 Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity 87,800 2020 $ 68,000 75,000 122,500 6,800 10,200 288,700 275,700 148,000 (39,000) $ 397,700 Accounts payable $ 49,000 Wages payable 8,400 139,000 (21,000) $ 393,700 $ 66,000 19,800 Income taxes payable 5,800 8,600 Total current liabilities 63,200 94,400 Notes payable (long term) 54,000 84,000 Total liabilities 117,200 178,400 Equity Common stock, $5 par value 268,000 184,000 Retained earnings 12,500 31,300 Total liabilities and equity $ 397,700 $ 393,700 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 $ 798,000 435,000 363,000 91,000 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 82,600 189,400 4,400 193,800 46,290 $ 147,510 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 $81,600 cash. d. Received cash for the sale of equipment that had cost $72,600, yielding a $4,400 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 2021. Choose Numerator: Operating cash flows Cash Flow on Total Assets Ratio Choose Denominator: Average total assets = == Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash Accounts receivable, net Prepaid expenses $ 93,100 101,000 Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity 87,800 2020 $ 68,000 75,000 122,500 6,800 10,200 288,700 275,700 148,000 (39,000) $ 397,700 Accounts payable $ 49,000 Wages payable 8,400 139,000 (21,000) $ 393,700 $ 66,000 19,800 Income taxes payable 5,800 8,600 Total current liabilities 63,200 94,400 Notes payable (long term) 54,000 84,000 Total liabilities 117,200 178,400 Equity Common stock, $5 par value 268,000 184,000 Retained earnings 12,500 31,300 Total liabilities and equity $ 397,700 $ 393,700 Sales IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 $ 798,000 435,000 363,000 91,000 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 82,600 189,400 4,400 193,800 46,290 $ 147,510 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 $81,600 cash. d. Received cash for the sale of equipment that had cost $72,600, yielding a $4,400 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 2021. Choose Numerator: Operating cash flows Cash Flow on Total Assets Ratio Choose Denominator: Average total assets = == Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0