Urmila ben Required information[The following information applies to the questions displayed below.]The following financial statements and additional information are reported.At June 30AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsIKIBAN INCORPORATEDComparative Balance SheetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equitySalesCost of goods soldGross profitOther gains (losses)Gain on sale of equipmentIncome before taxesIncome taxes expenseNet incomeAdditional Information2021Choose Numerator:$ 105,70069,50066,8004,700246,700127,000(28,500)$ 345,200IKIBAN INCORPORATEDIncome StatementFor Year Ended June 30, 2021$ 28,0006,3003,700Operating expenses (excluding depreciation)Depreciation expense38,00033,00071,000111226,00048,200$ 345,200Cash Flow on Total Assets RatioChoose Denominator:=2020H$ 47,00054,00091,0006,000=198,000118,000(10,500)$ 305,500a. 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 $60,600 cash.d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 gain.e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.f. All purchases and sales of inventory are on credit.$ 34,50015,6004,40054,50063,000117,500(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021.163,00025,000$ 305,500$693,000414,000279,00070,00061,600147,4002,300149,70044,190$ 105,510O Cash Flow on Total Assets RatioCash flow on total assets ratio

The Cashflow Statement is one of the important statements prepared by business organizations. It…

Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 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 Sales Cost of goods sold Gross profit Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 105,700 69,500 66,800 4,700 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Choose Numerator: 246,700 127,000 (28,500) $ 345,200 Operating expenses (excluding depreciation) Depreciation expense $ 28,000 6,300 3,700 38,000 33,000 71,000 1 226,000 48,200 $ 345,200 1 1 Cash Flow on Total Assets Ratio Choose Denominator: 2020 = $ 47,000 54,000 91,000 6,000 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 $60,600 cash. = 198,000 118,000 (10,500) $ 305,500 d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 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. = $ 34,500 15,600 4,400 54,500 63,000 117,500 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. 163,000 25,000 $ 305,500 $ 693,000 414,000 279,000 70,000 61,600 147,400 2,300 149,700 44,190 $ 105,510 Cash Flow on Total Assets Ratio Cash flow on total assets ratio

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q