Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with general journal , direct & indirect methods Sales Income Statement For Year Ended June 30, 2021 Cost of goods sol Gross profit

please help with general journal , direct & indirect methods
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image

Sales Income Statement For Year Ended June 30, 2021 Cost of goods sol Gross profit Operating expenses Depreciation expense: Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 803,000 491,000 312,000 $ 68,000 77,000 $145,000 167,000 3,300 170,300 52,130 $ 118,170 es Additional Information a. A $37,000 note payable is retired at its $37,000 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 $67,000 cash. d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,300 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. 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 the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June balances.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information for Decisions

Authors: John Wild

7th edition

78025893, 978-0078025891

More Books

Students also viewed these Accounting questions