1. A company reported average total assets of $1,240,000 in 2016 and $1,510,000 in 2017. Its net operating cash flow was $102,920 in 2016 and $138,920 in 2017. Calculate its cash flow on total assets ratio for both years. Comment on the results and any change in performance.
2. The following financial statements and additional information are reported
a. 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 $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 Other Expenses on the income statement.
f. All purchases and sales of inventory are on credit.
1. Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method.
2. Compute the company’s cash flow on total assets ratio for its fiscal year 2017.
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