Seved 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 2018 eBook Ask STREAMLINE INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 100, 200 Accounts receivable, net 73,000 Inventory 63,000 Prepaid expenses 4,900 Total current assets 241,100 Equipment 147,000 Accum. depreciation-Equipment (36,000) Total assets $352,100 Liabilities and Equity Accounts payable $ 26,000 Wages payable 7.000 Income taxes payable 4,700 Total current liabilities 37,700 Notes payable (long term) 33,000 Total liabilities 70, 700 Equity Common stock, $5 par value 240,000 Retained earnings 41,400 Total liabilities and equity $352,100 $ 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) $319,200 Print References $ 32,000 17,000 5,200 54,200 65,000 119,200 170,000 30,000 $319,200 STREAMLINE INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 66,000 Other expenses 74,000 Total operating expenses $772,000 472.000 300,000 140,000 160,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 2.900 162,900 49,860 $113,040 a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. Requirement General General Indirect Journal Ledger Trial Balance Direct Method Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the en the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30. balances. View transaction list Journal entry worksheet 1 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. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general joumal a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. General Requirement General Indirect Joumal Ledger Trial Balance Direct Method Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstru the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with th balances. View transaction list Journal entry worksheet 3 4 5 6 7 8 ... 13 > Ang 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. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general Journal a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. General General Requirement Trial Balance Indirect Direct Method Joumal Ledger Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstr the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with t balances. View transaction list Journal entry worksheet EEEE Reconstruct the journal entry for depreciation expense, 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 General General Indirect Requirement Trial Balance Direct Method Joumal Ledger Method Using the income statement, the comparative balance sheet, and the additional Information given above, reconstru the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with th balances. View transaction list Journal entry worksheet 2 3 6 5 13 .... 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. Debit Account Title Date Credit Jun 30 Record entry Clear entry View general Journal Additional Information a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. bok Requirement General Joumal General Ledger Trial Balance Direct Method Indirect Method k 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 at View transaction list nces 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 Additional Information a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, ylelding a $2,900 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. 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 t the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the Ju balances. View transaction list Journal entry worksheet Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal a. A $33,000 note payable is retired at its $33,000 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. Requirement General General Trial Balance Direct Method Indirect Joumal Ledger Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstru. the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the balances. View transaction list Journal entry worksheet 9 10 11 12 13 Reconstruct the journal entry for cash dividends paid. Note: Enter debits before credits Debit Account Title Date Credit Jun 30 Record entry Clear entry View general Journal L EX 12-11 Saved Prepare the Statement of Cash flows for the year ended June 30, 2019 using the Direct Method. account on the General Ledger tab to identify the sources and uses of cash. List cash outflo values. Unadjusted STREAMLINE INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Saved GL EX 12-11 - www d. Received cash for the sale of equipment that had cost $54,000, ylelding a $2,900 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. General General Indirect Requirement Trial Balance Direct Method Joumal Ledger Method Prepare the operating activities section of the statement of cash flows using the Indirect method. reductions to net cash provided by operating activities as negative values. Unadjusted STREAMLINE 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: ces