ewconnecticuuldLIUN.LUNU TUUUUULILIT Homework Save Use the following financial statements and additional information. 2016 BARCELONA INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 86,300 Accounts receivable, net 78,000 Inventory 66,000 Prepaid expenses 5,000 Total current assets 235, 300 Equipment 153,000 Accum. depreciation-Equipment (39,000) Total assets $ 349,300 Liabilities and Equity Accounts payable $ 30,000 Wages payable 8,000 Income taxes payable 3,600 Total current liabilities 41,600 Notes payable (long term) 38,000 Total liabilities 79,600 Equity Common stock, $5 par value 220,000 Retained earnings 49,700 Total liabilities and equity $ 349,300 $ 41,700 61,000 92,000 6,300 201,000 142,000 (13,000) $330,000 nces $ 36,000 19,000 4,000 59,000 75,000 134,000 160,000 36,000 $ 330,000 MeWUIR 1 BARCELONA INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $68,000 Other expenses 77,000 Total operating expenses $803,000 491,000 312,000 145,000 167,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,300 170,300 52, 130 $118,170 Additional Information a. A $38,000 note payable is retired at its $38,000 carrying (book) value in exchange for ca: b. The only changes affecting retained earnings are net income and cash dividends paid. C. New equipment is acquired for $67,000 cash. d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,300 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. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given the summarized activity of the current fiscal year. Upon completion, the trial balance tab sho ewconnecticuuldLIUN.LUNU TUUUUULILIT Homework Save Use the following financial statements and additional information. 2016 BARCELONA INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 86,300 Accounts receivable, net 78,000 Inventory 66,000 Prepaid expenses 5,000 Total current assets 235, 300 Equipment 153,000 Accum. depreciation-Equipment (39,000) Total assets $ 349,300 Liabilities and Equity Accounts payable $ 30,000 Wages payable 8,000 Income taxes payable 3,600 Total current liabilities 41,600 Notes payable (long term) 38,000 Total liabilities 79,600 Equity Common stock, $5 par value 220,000 Retained earnings 49,700 Total liabilities and equity $ 349,300 $ 41,700 61,000 92,000 6,300 201,000 142,000 (13,000) $330,000 nces $ 36,000 19,000 4,000 59,000 75,000 134,000 160,000 36,000 $ 330,000 MeWUIR 1 BARCELONA INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $68,000 Other expenses 77,000 Total operating expenses $803,000 491,000 312,000 145,000 167,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,300 170,300 52, 130 $118,170 Additional Information a. A $38,000 note payable is retired at its $38,000 carrying (book) value in exchange for ca: b. The only changes affecting retained earnings are net income and cash dividends paid. C. New equipment is acquired for $67,000 cash. d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,300 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. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given the summarized activity of the current fiscal year. Upon completion, the trial balance tab sho
