i sent this earlier and someone worked on it but it was not clear. i could not make out the entries as it was not stated neither can i read the writing clearly. kindly respond

GL1201 -Based on Exercise 12-11 LO P1, P2, P3, A1 Use the following financial statements and additional information. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 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 1iabilities Equity Common stock, $5 par value Retained earnings $101,300 48,900 53,000 96,000 7,100 244,000 205, 000 179,000 166 000 (45, 000) 000) $378, 000 356, 000 68,000 69,000 5, 700 s 33,000 40,000 17,000 4,000 61,000 85,000 146,000 7,000 3, 600 43, 600 43,000 86, 600 0,000 180,000 30,000 25 41, 400 $378,000 $356,000 Prey 1 of 1N o search 144 2 3 4. 5 6 Income Statement Sales Cost of goods sold Groas profit Operating expenses $940,000 575,000 365, 000 $77,000 93, 000 Depreciation expense Other expenses Total operating expenses 170,000 195, 000 Other gains (1ossea) Gain on sale of equipment Income before taxes Income taxes expense Net-income 5,200 200, 200 61,280 $138, 920 Additional Information a. A $43,000 note payable is retired at its $43,000 carrying (book) vais in exchange for cash b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $75,000 cash. d. Received cash for the sale of equipment that had cost $62,000, yielding a $5,200 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. GeneralTrial Balance Direct MethodMathod Indirect Requirement General Prey 1 of 1 Next to search 144 3 4 5 6 $43,000 note payable is retired at its $43.000 carrying (book) value in exchange for cash he only changes affecting retained earnings are net income and cash dividends paid ew equipment is acquired for $75,000 cash eceived cash for the sale of equipment that had cost $62000, yielding a $5,200 gain Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement All purchases and sales of inventory are on credit Indirect lergelBalance Diret Method General General sing the income statement, the comparative balance sheet, and the additional information given above the June 30, 2017 balances. ies for the summarized activity of the current fiscal year. e tab should agree with View transaction list Journal entry worksheet K1 2346 7 8 .13 Reconstruct the jounal entry for cash receipts from customers, incorporating the change in the related balance sheet account/s), if any, Prev 1 of 1 Next ch 5 8 GL1201 -Based on Exercise 12-11 LO P1, P2, P3, A1 Use the following financial statements and additional information. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 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 1iabilities Equity Common stock, $5 par value Retained earnings $101,300 48,900 53,000 96,000 7,100 244,000 205, 000 179,000 166 000 (45, 000) 000) $378, 000 356, 000 68,000 69,000 5, 700 s 33,000 40,000 17,000 4,000 61,000 85,000 146,000 7,000 3, 600 43, 600 43,000 86, 600 0,000 180,000 30,000 25 41, 400 $378,000 $356,000 Prey 1 of 1N o search 144 2 3 4. 5 6 Income Statement Sales Cost of goods sold Groas profit Operating expenses $940,000 575,000 365, 000 $77,000 93, 000 Depreciation expense Other expenses Total operating expenses 170,000 195, 000 Other gains (1ossea) Gain on sale of equipment Income before taxes Income taxes expense Net-income 5,200 200, 200 61,280 $138, 920 Additional Information a. A $43,000 note payable is retired at its $43,000 carrying (book) vais in exchange for cash b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $75,000 cash. d. Received cash for the sale of equipment that had cost $62,000, yielding a $5,200 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. GeneralTrial Balance Direct MethodMathod Indirect Requirement General Prey 1 of 1 Next to search 144 3 4 5 6 $43,000 note payable is retired at its $43.000 carrying (book) value in exchange for cash he only changes affecting retained earnings are net income and cash dividends paid ew equipment is acquired for $75,000 cash eceived cash for the sale of equipment that had cost $62000, yielding a $5,200 gain Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement All purchases and sales of inventory are on credit Indirect lergelBalance Diret Method General General sing the income statement, the comparative balance sheet, and the additional information given above the June 30, 2017 balances. ies for the summarized activity of the current fiscal year. e tab should agree with View transaction list Journal entry worksheet K1 2346 7 8 .13 Reconstruct the jounal entry for cash receipts from customers, incorporating the change in the related balance sheet account/s), if any, Prev 1 of 1 Next ch 5 8