PLEASE HELP URGENT
Use the following financial statements and additional information. 2018 DADE INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $107,400 Accounts receivable, net 81,000 Inventory 69,000 Prepaid expenses 6,600 Total current assets 264,000 Equipment 218,000 Accum. depreciation-Equipment (54,000) Total assets $ 428,000 Liabilities and Equity Accounts payable $ 33,000 Wages payable 8,000 Income taxes payable 4,300 Total current liabilities 45,300 Notes payable (long term) 43,000 Total liabilities 88,300 Equity Common stock, $5 par value 290,000 Retained earnings 49,700 Total liabilities and equity $ 428,000 $ 43,500 63,000 96,000 8,300 210,800 202,000 (18,000) $394,800 $ 40,000 19,000 4,800 63,800 85,000 148,800 210,000 36,000 $394,800 DADE INC. Income Statement For Year Ended June 30, 2019 Sales $1,192,000 Cost of goods sold 729,000 AAR DADE INC. Income Statement For Year Ended June 30, 2019 Sales $1,192,000 Cost of goods sold 729,000 Gross profit 463,000 Operating expenses Depreciation expense $101,000 Other expenses 117,000 Total operating expenses 218,000 245,000 Other gains (losses) Gain on sale of equipment 10,400 Income before taxes 255,400 Income taxes expense 78,180 Net income $ 177,220 es Additional Information a. A $43,000 note payable is retired at its $43,000 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 $99,000 cash. d. Received cash for the sale of equipment that had cost $83,000. yielding a $10,400 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. General General Requirement Indirect Trial Balance Direct Method Journal Ledger 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, 2019 balances. View transaction list ces Journal entry worksheet 2 3 4 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 Tutte Debit Credit Date Jun 30 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Debit Credit Account Title Date Jun 30 Record entry Clear entry View general Journal ..... 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. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Journal entry worksheet Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general Journal entry worksheet ..... 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. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general Journal Journal entry worksheet 5 13 1 2 3 4 8 09 .... Reconstruct the entry to record the retirement of the $43,000 note payable at its $43,000 carrying (book) value in exchange for cash. Note: Enter debits before credits. Debit Account Title Date Credit Jun 30 Record entry Clear entry View general Journal 13 4 5 6 7 >