The following financial statements and additional information are reported.IKIBAN INCORPORATEDComparative Balance Sheets2021At June 30AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsEquipmentAccumulated depreciation-Equipment2020$ 94,90096,50084,8006,500282,700145,000(37,500)$ 390,200$ 65,00072,000118,0009,600264,600136,000(19,500)$ 381,100Total assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long term)Total liabilitiesEquityCommon stock, $5 par valueRetained earnings$ 46,0008,1005,50059,60051,000110,600$ 61,50019,2008,00088,70081,000169,700262,00017,600$ 390,200181,00030,400$ 381,100Total liabilities and equityIKIBAN INCORPORATEDIncome StatementFor Year Ended June 30, 2021$ 783,000432,000351,00088,00079,600183,400SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseOther gains (losses)Gain on sale of equipmentIncome before taxes4,100187,50045,990$ 141,510Income taxes expenseNet incomeAdditional Informationa. 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 $78,600 cash.d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 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 12-12 (Algo) Part 2(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021.Cash Flow on Total Assets RatioChoose Numerator:Choose Denominator:Cash Flow on Total Assets RatioCash flow on total assets ratio%3D

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Description: The following financial statements and additional information are reported.IKIBAN INCORPORATEDComparative Balance Sheets2021At June 30AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsEquipmentAccumulated depreciation-Eq

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(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio I Choose Denominator: Choose Numerator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio

(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio I Choose Denominator: Choose Numerator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.17E: Financial statements Each of the following items is shown in the financial statements of ExxonMobil...

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