please help asap!
cant figure out what im missing!!
will give good rating.
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all 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. Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable tor the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. Answer is not complete. 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 December 31 , current year balances. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{3}{*}{10} & December 31 & Cash & ( & 50,000 & \\ \hline & & Common stock, $5 par value & 0 & & 12,500 \\ \hline & & Paid-in capital in excess of par - Common & 0 & & 37,5000 \\ \hline \multirow[t]{2}{*}{11} & December 31 & Retained earnings & 0 & 50,1000 & \\ \hline & & Cash & ( ) & . & 50,100 \\ \hline \multirow[t]{2}{*}{12} & December 31 & Sales & & 582,500 & \\ \hline & & Income summary & 0 & & 582,5000 \\ \hline \multirow[t]{6}{*}{13} & December 31 & Incorne summary & 0 & 467,525 & \\ \hline & & Loss on sale of equipment & 0 & & 5,125 \\ \hline & & Other expenses & 0 & & 132,4000 \\ \hline & & Cost of goods sold & 0 & . & 285,0000 \\ \hline & & Depreciation expense & 0 & & 20,750 \\ \hline & & Income taxes expense & 0 & & 24,2500 \\ \hline \multirow[t]{2}{*}{14} & December 31 & Income summary & & 114,975 & \\ \hline & & Retained eamings & 0 & & 114,9750 \\ \hline \end{tabular} 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. Journal entry worksheet 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. Journal entry worksheet 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. Journal entry worksheet Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet (1) 2 Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Journal entry worksheet (1) 2 3 7 8 14 Reconstruct the journal entry for the sale of equipment at a loss, incorporating the change in the related balance sheet account(s), if any. Noke: Enter debits before credits. Journal entry worksheet (1) (2) (4) 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. Journal entry worksheet Recoristruct me entry for the purchase of new, equipmens. Note: Enter debits before credits. Journal entry worksheet Reconstruct the entry for the issuance of the short-term note payable. Note: Enter debits betore credits. Journal entry worksheet Note: Enter debits before credits. Iournal entrv workshept wote: enter peonts perore creoits. Journal entry worksheet Journal entry worksheet Journal entry worksheet Note: Enter debits before credits. Journal entrv worksheet Answer is not complete. General Journal tab - Reconstruct the entries to summarize the activity between December 31 , prior year and December 31, current year: Direct Method tab-Prepare the Statement of Cash flows for the year ended December 31, current year using the direct method. Indirect Method tab-Prepare the reconcillation to the indirect method
