does anyone know how to do this ??
Saved Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit. (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses, FORTEN COMPANY Comparative Balance sheets December 31 Prior Current Year Year $ 49,800 65,810 275,656 1,250 302, 510 157, 500 (36,625) 5513,391 $ 73,500 50,625 251, 800 1,875 377,800 108,000 (46,000) $439,800 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, S5 par value Paid in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 53, 141 10,000 63,141 65,000 128, 141 $114,675 6,000 120, 075 48,750 160, 425 150, 250 162, 750 37,500 185,000 $513, 391 120, 125 $439,800 FORTEN COMPANY Income Statement For Current Year Ended December 31 $582.500 Sales Saved Total liabilities and equity $513, 391 $439,800 $582,500 285,000 297,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 20,750 Other expenses 132,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 153, 150 (5, 125) 139, 225 24, 250 $114,975 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $50,100. Requirement Generat Journal General Ledger Trial Balance Direct Method Indirect 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 December 31. current year balances. Saved Using the income statement, the comparative balance sheet, and the additional information given above, the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agr 31, current year balances. View transaction list Journal entry worksheet 1 2 4 6 7 8 14 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 Dec 31 Record entry Clear entry View general Journal Saved Using the income statement, the comparative balance sheet, and the additional information given above the summarized activity of the current fiscal year. Upon completion, the trial balance tab should a 31, current year balances. View transaction list Journal entry worksheet Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. Notes were not issued for the purchase of inventory. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Cash 597,685 Accounts receivable, net 597,685 Record entry Clear entry View general journal Drau RS current is year. Upon completion, the wildl the summarized activity of th 31, current year balances. View transaction list Journal entry worksheet Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits. Account Title Debit Date Dec 31 Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 4 5 6 7 8 14 2 Reconstruct the entry for the issuance of the short-term note payable. Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the em the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the Decem 31, current year balances View transaction list Journal entry worksheet 1 4 7 8 9 14 Reconstruct the entry for the payment on the long-term note payable Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct th the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the Dec 31, current year balances. View transaction list Journal entry worksheet
