Use the following financial statements and additional information to
(1) Prepare a statement of cash flows for the year ended June 30, 2009, using the indirect method, and
(2) Compute the company€™s cash flow on total assets ratio for its fiscal year 2009.

Additional Information
a. A $45,000 note payable is retired at its 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 $85,000 cash.
d. Received cash for the sale of equipment that had cost $98,145, yielding a $3,125 gain.
e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f. All purchases and sales of merchandise inventory are oncredit.

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BOULWARE INC Comparative Balance Sheets June 30, 2009 and 2008 2009 2008 Assets Accounts recelvable, net. 56,952 Inventory . .. . 62.620 106.107 5,763 Equipment . . ..118.387 131.532 (26,350) (10.848) Total assets$310.000 339.000 65,720 4,960 Accum, depreciation-Equipment Liabllities and Equity Wages payable .._ Income taxes payable 17.628 4,068 Notes payable (long term)31.953 76.953 Common stock, $5 par vale208,000 158,000 47.095 $310,000 $339.000 . . 6,510 2.170 36.877 Total llablities and equlty BOULWARE INC. Income Statement For Year Ended June 30, 2009 Cost of goods sold . Gross profit Operating expenses $976,600 625,024 351,576 Depreclatlon expense$ 88,753 Other expenses101879 Total operating expenses 160.,944 Other gains (losses) Galn on sale of equipment. Income before taxes__. - 164,069 56,604 $107.465 Income taxes expense