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aints Book oferences UL1202 (Algo) - Based on Problem 12-3A LO A1, P2, P3 Clancy Company's current year income statement, comparative balance sheets, and additional information follow For the yeur, 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 CLANCY COMPANY Comparative Balance Sheets December 31 Current Year Feier Year Assets Cash 5.46,700 Accounts receivable 559,900 12,000 63,000 Inventory 284.000 Prepaid expenses 259,000 3.300 4100 Total current assets 415.000 386,000 Equipment 254.000 174,000 Accumulated depreciation Equipment 160,000 (24,000) Total assets $ 610.000 $ 486,000 Liabilities and Equity Accounts payabih 57,000 123,000 Short-term notes payable 13.000 3.000 Total current liabilities 70,000 131,000 92.000 69.000 Long-term notes payable Total liabilition 162,000 200,000 Equity 183,500 160,000 Common stock, 55 par value 70,500 O paid-in capital in excess of par. connon stock 194.000 126,000 Retained earnings 610,000 486.000 Total liabilities and eguity Chapter 12 1 15 points $ 900.000 251.000 549.000 CLANCY COMPANY Income statement For Current Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses Depreciation expense $ 25,000 other expenses 205,000 Other gains (losses) Lons on sale of equipment Income before takes Income taxes expense Net Income 230,000 References 12.2002 311,700 54.000 3 257,700 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $7,300 (details in b). b. Sold equipment costing $67,000, with accumulated depreciation of $39,000, for $20,700 cash. c. Purchased equipment costing $147,000 by paying $38,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,000 cash by signing a short-term note payable. e. Paid $86,000 cash to reduce the long-term notes payable. f. Issued 4,700 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $189,700. General General nalan Indirect Direct Method Journal entry worksheet Book 1 2 3 4 5 6 7 8. 14 rences 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 Title Debit Credit Date December 31 Record entry Clear entry View general journal View Transaction lit 15 points Journal entry worksheet Book forences 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 Account Title Debit Credit Date December 31 Record entry Clear entry View general Journal References Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s). If any. Note: Enter debits before credits Account Title Dobit Credit Date December 31 Record entry Clear entry View general journal We were View transaction is 15 points Journal entry worksheet ebook Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits Data December 31 Account Title Debit Credit Record entry Clear entry WEST VIR 31, current year balances View transaction at 15 points Journal entry worksheet Book Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits Date December 31 Account Title Dabi Credit Record entry Clear entry View general Journal View transactions Journal entry worksheet
