2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $127,700 70,000 65,000 4,500 74,600 55,000 90,000 5,600 131,000 121,000 (33,000) (11,000) $365,200 335,200 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 ook sk int 28,000$34,000 17,000 4,200 55,200 70,000 73,800125,200 7,000 3,800 38, 800 35,000 ences 250,000 180,000 30,000 $365,200 $335,200 41,400 ONPOINT INC. Income Statenent For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $699,000 427,000 272,000 $61,000 69,000 Depreciation expense Other expenses Total operating expenses 130,000 142,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,200 144, 200 44,140 $100,060 a. A $35,000 note payable is retired at its $35,000 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 $60,000 cash. d. Received cash for the sale of equipment that had cost $50,000, yielding a $2.200 gain. e. Prepald Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit Requirement rnal General Ledger Trial Balance Directhod Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2017 balances. View transaction list Journal entry worksheet 6 13 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any Note: Enter debits before credits Date Account Title Jun 30