ch 12 GL 12-11

Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 77,900 73,000 63,000 5,800 219,700 186,000 (45,000) $360,700 $ 17,100 57,000 88,000 7,300 169,400 172,000 (15,000) $326,400 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 $ 26,000 8,000 4,000 38,000 33,000 71,000 $ 32,000 19,000 4,400 55,400 65,000 120,400 240,000 49,700 $360,700 170,000 36,000 $326,400 ARNOLD INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $81,000 Other expenses 97,000 Total operating expenses $978,000 599,000 379,000 178, eee 201,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 5,800 206,800 63,300 $143,500 Journal entry worksheet 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 Debit Credit Jun 30 Journal entry worksheet Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits Date Account Title Debit Credit Jun 30 Prey 1 of 1 !!! Next