for sure need help with creating the general ledger, also need help finishing the other parts!
thanks in advance.
GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1 Use the following financial statements and additional information. STREAMLINE INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $100,200 73,000 63,000 4,900 44,100 Accounts receivable, net Inventory Prepaid expenses Total current assets 57,000 88,000 6,100 195,200 241,100 147,000 (36,000) Equipment Accum. depreciation-Equipment 136,000 (12,000) $352,100 $319,200 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $26,000 7,000 4,700 37,700 33,000 70,700 32,000 17,000 5,200 54,200 65,000 s Notes payable (long term) Total liabilities 119,200 Equity Common stock, $5 par value Retained earnings 240,000 41,400 170,000 30,000 Total liabilities and equity $352,100 $319,200 STREAMLINE INC Income Statement For Year Ended June 30, 2017 $772,000 Sales Cost of goods sold 300,000 Oper Pit penses Depreciation expense Other expenses $66,000 74,000 1 of 1 Prev Next STREAMLINE INC. Income Statement For Year Ended June 30, 2017 $772,000 472,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses 300,000 $66,000 74,000 140,000 160,000 Other gains (losses) ain on sale of equi pment taxes 2,900 162,900 me taxes expense 49,860 $113,040 Net income Additional Information a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. General General Indirect Trial Balance Requirement Direct Method Journal Ledger Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2017 balanc arized activity View transaction list Journal entry worksheet 1 of 1 Prey Next e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. General General Indirect Method Trial Balance Direct Method Requirement Journal Ledger 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 2 3 4 6 8 13 1 5 7 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. s Note: Enter debits before credits. Date Account Title Credit Debit Jun 30 Clear entry View general journal Record entry Prev 1 of 1 Next values. Unadjusted STREAMLINE INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities: Cash paid for operating expenses Cash paid for income taxes Cash paid for merchandise Net cash provided by operating activities Cash flows from investing activities: Cash paid for equipment (65,000) 14,900 Cash received from sale of equipment (50,100) Cash flows from financing activities: (32,000) Cash paid to tire not 70,000 Cash received from stock issuance Cash paid for dividends (101,640) (63,640) Net decrease in cash (113,740) $ Cash balance at prior year-end 44,100 Cash balance at current year-end (69,640) Prev 1 of 1 Next Indirect Method General General Trial Balance Direct Method Requirement Journal Ledger Prepare the operating activities section of the statement of cash flows using the in direct method. Enter reductions to net cash provided by operating activities as negative values. Unadjusted STREAMLINE INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities: Net income $ 113,040 Adjustments to reconcile net income to net cash provided by operating activities: 66,000 Depreciation expense $ (2,900) Gain on sale of equipment Decrease in prepaid expenses 1,200 Increase in accounts receivable (16,000) Decrease in inventory 25,000 Decrease accounts payable (6,000) (10,000) Decrease wages payable Decrease in income taxes payable (500) 56,800 Net cash provided by operating activities $ 169,840 Indirect Method Direct Method 1 of 1 Prey Next GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1 Use the following financial statements and additional information. STREAMLINE INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $100,200 73,000 63,000 4,900 44,100 Accounts receivable, net Inventory Prepaid expenses Total current assets 57,000 88,000 6,100 195,200 241,100 147,000 (36,000) Equipment Accum. depreciation-Equipment 136,000 (12,000) $352,100 $319,200 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $26,000 7,000 4,700 37,700 33,000 70,700 32,000 17,000 5,200 54,200 65,000 s Notes payable (long term) Total liabilities 119,200 Equity Common stock, $5 par value Retained earnings 240,000 41,400 170,000 30,000 Total liabilities and equity $352,100 $319,200 STREAMLINE INC Income Statement For Year Ended June 30, 2017 $772,000 Sales Cost of goods sold 300,000 Oper Pit penses Depreciation expense Other expenses $66,000 74,000 1 of 1 Prev Next STREAMLINE INC. Income Statement For Year Ended June 30, 2017 $772,000 472,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses 300,000 $66,000 74,000 140,000 160,000 Other gains (losses) ain on sale of equi pment taxes 2,900 162,900 me taxes expense 49,860 $113,040 Net income Additional Information a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. General General Indirect Trial Balance Requirement Direct Method Journal Ledger Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2017 balanc arized activity View transaction list Journal entry worksheet 1 of 1 Prey Next e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. General General Indirect Method Trial Balance Direct Method Requirement Journal Ledger 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 2 3 4 6 8 13 1 5 7 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. s Note: Enter debits before credits. Date Account Title Credit Debit Jun 30 Clear entry View general journal Record entry Prev 1 of 1 Next values. Unadjusted STREAMLINE INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities: Cash paid for operating expenses Cash paid for income taxes Cash paid for merchandise Net cash provided by operating activities Cash flows from investing activities: Cash paid for equipment (65,000) 14,900 Cash received from sale of equipment (50,100) Cash flows from financing activities: (32,000) Cash paid to tire not 70,000 Cash received from stock issuance Cash paid for dividends (101,640) (63,640) Net decrease in cash (113,740) $ Cash balance at prior year-end 44,100 Cash balance at current year-end (69,640) Prev 1 of 1 Next Indirect Method General General Trial Balance Direct Method Requirement Journal Ledger Prepare the operating activities section of the statement of cash flows using the in direct method. Enter reductions to net cash provided by operating activities as negative values. Unadjusted STREAMLINE INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities: Net income $ 113,040 Adjustments to reconcile net income to net cash provided by operating activities: 66,000 Depreciation expense $ (2,900) Gain on sale of equipment Decrease in prepaid expenses 1,200 Increase in accounts receivable (16,000) Decrease in inventory 25,000 Decrease accounts payable (6,000) (10,000) Decrease wages payable Decrease in income taxes payable (500) 56,800 Net cash provided by operating activities $ 169,840 Indirect Method Direct Method 1 of 1 Prey Next
