Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please can I get General journal 1-13 and Direct method, indirect method GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use

help please can I get General journal 1-13 and Direct method, indirect method
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. 2018 GREEN INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 65,400 Accounts receivable, net 68,000 Inventory 71,000 Prepaid expenses 6,200 Total current assets 210,680 Equipment 202,000 Accumulated depreciation-Equipment (51,000) Total assets $ 361,600 Liabilities and Equity Accounts payable $ 34,000 Wages payable 8,000 Income taxes payable 4,900 Total current liabilities 46,900 Notes payable (long term) 45,000 Total liabilities 91,900 Equity Common stock, $5 par value 220,000 Retained earnings 49,700 Total liabilities and equity $ 361,600 $ 23,600 53,000 98,000 7,800 182,400 187,000 (17,000) $ 352,400 $ 42,000 19,000 5,400 66,400 90,000 156,400 160,000 36,000 $ 352,400 $ 1,080,000 661,000 419,800 GREEN INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 91,000 Other expenses 107,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 198,000 221,000 7,700 228,700 70,010 $ 158, 690 Additional Information a. A $45,000 note payable is retired at its $45,000 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 $89,000 cash. d. Received cash for the sale of equipment that had cost $74,000, yielding a $7,700 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 $ 1,080,000 661,000 419,000 GREEN INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 91,000 Other expenses 107.000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 198,000 221,000 7,700 228,700 70,018 $ 158, 690 Additional Information a. A $45,000 note payable is retired at its $45,000 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 $89.000 cash. d. Received cash for the sale of equipment that had cost $74,000, yielding a $7,700 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 General Indirect Journal Trial Balance Direct Method Ledger 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 she balances. View transaction list Journal entry worksheet 3 4 2 5 6 7 8 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 Account Tito Dobit Credit Dato Juno 30 Cash - 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 General Journal Indirect Ledger Trial Balance Direct Method Method Prepare the Statement of Cash flows for the year ended June30, 2019 using the Direct Method. Hint Use the Cash T- account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted GREEN INCORPORATED Statement of Cash Flows (Direct Mothod) For Year Ended June 30, 2019 Cash flows from operating activities: 5 Cash flows from investing activities: Cash flows from financing activities: (Trial Balance Indirect Method > WHICH IS UNCLARY ICONICU Chiyo UICHCHICHTE UNULUI LIVIUCHUS PUIU. c. New equipment is acquired for $89,000 cash. d. Received cash for the sale of equipment that had cost $74,000, yielding a $7,700 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 General Journal Indirect Trial Balance Direct Method Ledger Method Prepare the operating activities section of the statement of cash flows using the indirect method. Enter reductions to net cash provided by operating activities as negative values. Unadjusted GREEN INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Introduction To Concepts Methods And Uses

Authors: Clyde P. Stickney, Roman L. Weil

11th Edition

0324222971, 978-0324222975

More Books

Students also viewed these Accounting questions