saved Ch 12 GL EX 12-11 1 GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. 15 points Skipped SACRAMENTO INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 eBook Ask Print $100,800 76,000 65,000 5,400 247,200 170,000 (42,000) $375,200 $ 45,200 59,000 90,000 6,800 201,000 157,000 (14,000) $344,000 Roforences 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 $ 28,000 8,000 4,500 40,500 35,000 75,500 $ 34,000 19,000 5,000 58,000 70,000 128,000 250,000 49,700 $375,200 180,000 36,000 $344,000 15 points SACRAMENTO INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $73, eee Other expenses 87,880 Total operating expenses 5886,080 542,000 344,880 Skipped eBook 160,000 184,000 Ask Print Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,380 188, 380 57,640 $130,660 Roforences Additional Information a. A $35,000 note payable is retired at its $35,000 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 $72,000 cash d. Received cash for the sale of equipment that had cost $59,000, yielding a $4,300 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. 1 Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method s Using the income statement, the comparative balance sheet, and the additional information given above, re the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agre balances. ipped View transaction list Book Ask Journal entry worksheet Print 2 3 6 8 13 ..... erences 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 Jun 30 Saw GL EX 12-11 Unadjusted SACRAMENTO INC Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: ped Dok sk nt ences Cash flows from investing activities: Cash flows from financing activities: TEUICEOUNUCH UY Uyara cyauvE varuD. Unadjusted SACRAMENTO INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities:
