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GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1 Use the following financial statements and additional Information. DELRAY INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 $ 84,200 70,000 71,800 5,300 230, 500 163,800 (42,000) $351,500 $ 47,880 55,800 98,000 6,600 206,600 151,080 (14,000) $343,600 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 liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 34,800 7, e8e 4,100 45,100 45,800 90,100 $ 42,800 17,880 4,600 63,600 90,000 153,600 41,400 $351,500 160,800 30,000 $343, 600 DELRAY INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $71,800 Other expenses 83,000 Total operating expenses $852,000 521,800 331,680 154, eee 177,000 other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,900 180,900 55,370 $125,530 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 pald. c. New equipment is acquired for $70,000 cash. d. Received cash for the sale of equipment that had cost $58,000, ylelding a $3,900 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. Answer is not complete. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method 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. No Date Account Title Credit Jun 30 Cash Accounts receivable, net Sales Debit 837,000 15,000 852,000 Jun 30 8,000 521,000 Accounts payable Cost of goods sold Inventory Cash 27,000 502,000 3 Jun 30 71,000 Depreciation expense Accumulated depreciation - Equipment 71.000 Jun 30 83,000 10,000 Other expenses Wages payable Prepaid expenses Cash 1,300 91,700 Jun 30 18,900 43,000 Cash Accumulated depreciation - Equipment Gain on sale of equipment Equipment 3,900 58,000 6 Jun 30 Income taxes expense Income taxes payable Cash 55,370 500 55,870 Jun 30 45,000 Notes payable (long-term) Cash 45,000 Jun 30 70,000 Equipment Cash 70,000 Jun 30 60,000 Cash Common stock, S5 par value 60,000 10 Jun 30 Sales Gain on sale of equipment Income summary 852.000 3,900 855,900 Jun 30 125,530 Income summary Retained earnings 125,530 General Ledger Account Cash Debit Accounts receivable, net Debit Credit No. Credit No. Date Balance 55,000 70,000 837,000 Jun 30 15,000 502.000 91,700 Date Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Balance 47,000 884,000 382,000 290,300 309,200 253,330 208,330 138,330 198.330 18,900 55,870 45,000 70,000 60,000 Inventory Debit Prepaid expenses Debit Credit No. Credit No. Date Jun 29 Jun 30 Balance 98,000 71,000 Date Jun 29 Jun 30 Balance 6,600 5,300 2 27,000 4 1,300 Equipment Debit No. Credit No. Date Jun 29 Jun 30 Jun 30 Balance 151,000 93,000 163,000 Accumulated depreciation - Equipment Date Debit Credit Jun 29 Jun 30 71.000 Jun 30 43,000 Balance 14,000 85,000 42.000 58.000 70,000 Accounts payable Debit Credit Wages payable Debit Credit No. No. Date Jun 29 Jun 30 Balance 42.000 34.000 Date Jun 29 Jun 30 Balance 17,000 7,000 8,000 10.000 Income taxes payable / Debit Credit Notes payable (long-term) Debit Credit No. Date Jun 29 Jun 30 Balance No. 4.600 4.1007 Date Jun 29 Jun 30 Balance 90,000 45,000 500 45,000 Common stock, $5 par value Debit Credit Retained earnings Debit Credit No. No. Date Jun 29 Jun 30 Balance 160,000 220,000 Date Jun 29 Jun 30 Balance 30,000 155.530 60,000 - 12 125,530 General Ledger Account Cash Debit Accounts receivable, net Debit Credit No. Credit No. Date Balance 55,000 70,000 837,000 Jun 30 15,000 502.000 91,700 Date Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Balance 47,000 884,000 382,000 290,300 309,200 253,330 208,330 138,330 198.330 18,900 55,870 45,000 70,000 60,000 Inventory Debit Prepaid expenses Debit Credit No. Credit No. Date Jun 29 Jun 30 Balance 98,000 71,000 Date Jun 29 Jun 30 Balance 6,600 5,300 2 27,000 4 1,300 Equipment Debit No. Credit No. Date Jun 29 Jun 30 Jun 30 Balance 151,000 93,000 163,000 Accumulated depreciation - Equipment Date Debit Credit Jun 29 Jun 30 71.000 Jun 30 43,000 Balance 14,000 85,000 42.000 58.000 70,000 Accounts payable Debit Credit Wages payable Debit Credit No. No. Date Jun 29 Jun 30 Balance 42.000 34.000 Date Jun 29 Jun 30 Balance 17,000 7,000 8,000 10.000 Income taxes payable / Debit Credit Notes payable (long-term) Debit Credit No. Date Jun 29 Jun 30 Balance No. 4.600 4.1007 Date Jun 29 Jun 30 Balance 90,000 45,000 500 45,000 Common stock, $5 par value Debit Credit Retained earnings Debit Credit No. No. Date Jun 29 Jun 30 Balance 160,000 220,000 Date Jun 29 Jun 30 Balance 30,000 155.530 60,000 - 12 125,530 Sales Cost of goods sold Debit Credit No. Date / Debit Credit Balance No. Date Balance 852,000 852,000 2 Jun 30 521,000 521,000 Jun 30 Jun 30 - 10 852,000 Depreciation expense Debit Credit Other expenses Debit Credit No. Date Balance No. Date Balance 3 Jun 30 71,000 71,000 4 Jun 30 83.000 83.000 Gain on sale of equipment Debit Credit Income taxes expense Debit Credit No. Date Balance No. Date Balance 5 3,900 3 9001 Jun 30 55,370 55,370 Jun 30 Jun 30 - 10 3.900 Income summary No. Date Debit Credit Balance 855,900 Jun 30 Jun 30 (855,900) (730,370) 125.530 Answer is not complete. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30, 2017 balance sheet above. Post-closing DELRAY INC. Trial Balance June 30, 2017 Account Title Credit Debit 198,330 70,000 71,000 5,300 163,000 Cash Accounts receivable, net Inventory Prepaid expenses Equipment Accumulated depreciation - Equipment Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common stock, S5 par value Retained earnings Cost of goods sold Depreciation expense Other expenses Income taxes expense Income summary Total 42,000 34,000 7,000 4,100 45,000 220,000 155,530 521,000 71,000 83,000 55,370 730,370 1,238,000 S 1 ,238,000 $ Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Prepare the Statement of Cash flows for the year ended June 30, 2017 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. Post-closing DELRAY INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities: Cash received from customers s 837,000 Cash paid for operating expenses (91,700) Cash paid for merchandise (502,000) Cash paid for income taxes (55,870) 187.430 Net cash provided by operating activities Cash flows from investing activities: Cash received from sale of equipment Cash paid for equipment 18,900 (70,000) (51,100) Net cash used by investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 60,000 (45.000) (114,130) $ Net cash used by financing activities Net increase in cash Cash balance at prior year-end Cash balance at current year-end (99, 130) 37,200 47,000 84,200 $ Answer is not complete. Requirement General Journal General Ledger Trial Balance Direct Method Indirect 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. Post-closing - DELRAY INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities: Net income $ 125,530 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 71,000 Gain on sale of equipment (3.900) Increase in accounts receivable (15,000) Decrease in inventory 27,000 Decrease in prepaid expenses 1,300 Decrease in accounts payable (8,000) Decrease in income taxes payable (500) Decrease in wages payable (10,000) 61,900 187,430 Net cash provided by operating activities Net cash provided by operating activities, using the direct method: 187,430 Congratulations! You have successfully reconciled the two methods.