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(2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Choose Denominator: =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. Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Choose Denominator: =Cash Flow on Total Assets Ratio Cash flow on total assets ratio

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets IKIBAN INCORPORATED Comparative Balance Sheets 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 For Sales Cost of goods sold Gross profit Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 Choose Numerator: $ 103,300 75,500 70,800 5,100 254,700 131,000 (30,500) $ 355,200 1 1 $ 32,000 6,700 4,100 42,800 37,000 79,800 Operating expenses (excluding depreciation) Depreciation expense 234,000 41,400 $ 355,200 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 2020 = $ 51,000 58,000 97,000 6,800 = 212,800 122,000 (12,500) $ 322,300 = $ 40,500 16,400 5,200 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 $64,600 cash. 62,100 67,000 129,100 d. Received cash for the sale of equipment that had cost $55,600, yielding a $2,700 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. 167,000 26,200 $ 322,300 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: $ 713,000 418,000 295,000 74,000 65,600 155,400 2,700 158, 100 44,590 $ 113,510 Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0
Transcribed Image Text:At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets IKIBAN INCORPORATED Comparative Balance Sheets 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 For Sales Cost of goods sold Gross profit Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 Choose Numerator: $ 103,300 75,500 70,800 5,100 254,700 131,000 (30,500) $ 355,200 1 1 $ 32,000 6,700 4,100 42,800 37,000 79,800 Operating expenses (excluding depreciation) Depreciation expense 234,000 41,400 $ 355,200 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 2020 = $ 51,000 58,000 97,000 6,800 = 212,800 122,000 (12,500) $ 322,300 = $ 40,500 16,400 5,200 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 $64,600 cash. 62,100 67,000 129,100 d. Received cash for the sale of equipment that had cost $55,600, yielding a $2,700 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. 167,000 26,200 $ 322,300 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: $ 713,000 418,000 295,000 74,000 65,600 155,400 2,700 158, 100 44,590 $ 113,510 Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0
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