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At June 30 Assets Cash Accounts receivable, net Inventory IKIBAN INCORPORATED Comparative Balance Sheets 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 For Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Choose Numerator: Financing cash flows 2021 $ 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) $ 317,700 Operating expenses (excluding depreciation) Depreciation expense $ 25,000 6,000 3,400 34,400 30,000 64,400 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 220,000 33,300 $ 317,700 1 Choose Denominator: 1 1 2020 Cash Flow on Total Assets Ratio $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $ 292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $ 292,900 P# $ 678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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. 43,890 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. $ 99,510 Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0

At June 30 Assets Cash Accounts receivable, net Inventory IKIBAN INCORPORATED Comparative Balance Sheets 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 For Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Choose Numerator: Financing cash flows 2021 $ 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) $ 317,700 Operating expenses (excluding depreciation) Depreciation expense $ 25,000 6,000 3,400 34,400 30,000 64,400 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 220,000 33,300 $ 317,700 1 Choose Denominator: 1 1 2020 Cash Flow on Total Assets Ratio $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $ 292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $ 292,900 P# $ 678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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. 43,890 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. $ 99,510 Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Choose Numerator: Financing cash flows $ 87,500 65,000 63,800 4,400 1 1 220,700 124,000 (27,000) $ 317,700 Operating expenses (excluding depreciation) Depreciation expense 2021 $ 25,000 6,000 3,400 220,000 33,300 $ 317,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 34,400 30,000 64,400 = Cash Flow on Total Assets Ratio Choose Denominator: = 2020 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $ 292,900 $ 30,000 15,000 3,800 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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. 48,800 60,000 108,800 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. 160,000 24,100 $ 292,900 $ 678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 43,890 $ 99,510 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 Choose Numerator: Financing cash flows $ 87,500 65,000 63,800 4,400 1 1 220,700 124,000 (27,000) $ 317,700 Operating expenses (excluding depreciation) Depreciation expense 2021 $ 25,000 6,000 3,400 220,000 33,300 $ 317,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 34,400 30,000 64,400 = Cash Flow on Total Assets Ratio Choose Denominator: = 2020 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $ 292,900 $ 30,000 15,000 3,800 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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. 48,800 60,000 108,800 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. 160,000 24,100 $ 292,900 $ 678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 43,890 $ 99,510 Cash Flow on Total Assets Ratio Cash flow on total assets ratio 0
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