Can you please check my work The following financial statements and additional information are reported.IKIBAN INC.Comparative Balance SheetsJune 30, 2019 and 201820192018Assets$ 98,50087,50078,8005,900270,700139,000(34,500)$ 59,00066,000109,0008,400242,400130,000(16,500)CashAccounts receivable, netInventoryPrepaid expensesTotal current assetsEquipmentAccum. depreciation-EquipmentTotal assets$375,200$355,900Liabilities and EquityAccounts payableWages payableIncome taxes payable$ 40,0007,5004,90052,40045,00097,400$ 52,50018,0006,800Total current liabilities77,30075,000152,300Notes payable (long term)Total liabilitiesEquityCommon stock, $5 par valueRetained earnings250,000175,00027,80028,600$375,200$355,900Total liabilities and equityIKIBAN INC.Income StatementFor Year Ended June 30, 2019$753,000426,000327,000SalesCost of goods soldGross profit Operating expensesDepreciation expenseOther expenses$73,60082,000Total operating expenses155,600171,400Other gains (losses)Gain on sale of equipment3,500174,90045,390Income before taxesIncome taxes expenseNet income$129,510Additional Informationa. 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 $72,600 cash.d. Received cash for the sale of equipment that had cost $63,600, yielding a $3,500 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.(2) Compute the company's cash flow on total assets ratio for its fiscal year 2019.Cash Flow on Total Assets RatioChoose Denominator:Cash Flow on Total Assets Ratio%3DChoose Numerator:Cash flow on total assets ratioOperating cash flowsAverage total assets338,75049.4%167,510

Cash flows on total assets=Operating cash flowAverage total assets

The following financial statements and additional information are reported. IKIBAN INc. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets $ 59,000 $ 98,500 87,500 78,800 5,900 270,700 139,000 (34,500) Cash Accounts receivable, net Inventory Prepaid expenses 66,000 109,000 8,400 242,400 130,000 (16,500) $355,900 Total current assets Equipment Accum. depreciation-Equipment Total assets $375,200 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 40,000 7,500 4,900 $ 52,500 18,000 6,800 Notes payable (long term) Total liabilities 52,400 45,000 97,400 77,300 75,000 152,300 Equity Common stock, $5 par value Retained earnings 250,000 27,800 175,000 28,600 $375,200 $355,900 Total liabilities and equity IKIBAN INC. Income Statement For Year Ended June 30, 2019 $753,000 426,000 Sales Cost of goods sold 327,000

The following financial statements and additional information are reported. IKIBAN INc. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets $ 59,000 $ 98,500 87,500 78,800 5,900 270,700 139,000 (34,500) Cash Accounts receivable, net Inventory Prepaid expenses 66,000 109,000 8,400 242,400 130,000 (16,500) $355,900 Total current assets Equipment Accum. depreciation-Equipment Total assets $375,200 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 40,000 7,500 4,900 $ 52,500 18,000 6,800 Notes payable (long term) Total liabilities 52,400 45,000 97,400 77,300 75,000 152,300 Equity Common stock, $5 par value Retained earnings 250,000 27,800 175,000 28,600 $375,200 $355,900 Total liabilities and equity IKIBAN INC. Income Statement For Year Ended June 30, 2019 $753,000 426,000 Sales Cost of goods sold 327,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...

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