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Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in b. The only changes affecting retained earnings are net income and cash div c. New equipment is acquired for $71,600 cash. d. Received cash for the sale of equipment that had cost $62,600, yielding a e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the f. All purchases and sales of inventory are on credit. IKIBAN INCORPORATED At June 30 Comparative Balance Sheets Assets 2021 2020 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, \$5 par value Retained earnings Total liabilities and equity IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales 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 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 $71,600 cash. d. Received cash for the sale of equipment that had cost $62,600, yielding a $3,400 gain. (2) Compute the company's cash flow on total assets ratio for its fiscal year 202

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