Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is the second time that I submitted this post, the first time that I sent it on 03/13/2020, but I still haven't got a

This is the second time that I submitted this post, the first time that I sent it on 03/13/2020, but I still haven't got a reply. Please help me quickly. Thank you very much.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Journal entry worksheet E..... 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 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. Date Account Title Debit Credit Jun 30 Journal entry worksheet Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Use the following financial statements and additional information. 2018 MARSHALL INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 70,500 Accounts receivable, net 70,000 Inventory 71,000 Prepaid expenses 5,800 Total current assets 217,300 Equipment 183,000 Accum. depreciation-Equipment (45,000) Total assets $355,300 Liabilities and Equity Accounts payable $ 34,000 Wages payable 7,000 Income taxes payable 3,800 Total current liabilities 44,800 Notes payable (long term) 45,000 Total liabilities 89,800 Equity Common stock, $5 par value 220,000 Retained earnings 45,500 Total liabilities and equity $355,300 $ 33,000 55,000 98,000 7,200 193,200 169,000 (15,000). $347,200 $ 42,000 18,000 4,200 64,200 90,000 154,200 160,000 33,000 $347,200 MARSHALL INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $79,000 Other expenses 95,000 Total operating expenses $959,000 587,000 372,000 174,000 198,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 5,500 203,500 62,290 $141, 210 Additional Information a. A $45,000 note payable is retired at its $45,000 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 $77,000 cash. d. Received cash for the sale of equipment that had cost $63,000, yielding a $5,500 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 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 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 Show All Items 000: No journal entry required 101: Cash 106: Accounts receivable, net Journal entry worksheet 3 4 5 6 7 8 13 > 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 Journal entry worksheet Close all expense accounts to income summary. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Journal entry worksheet Close Income Summary to Retained Earnings. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Journal entry worksheet 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. Unadjusted MARSHALL 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: ................ ......................MD Journal entry worksheet E..... 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 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. Date Account Title Debit Credit Jun 30 Journal entry worksheet Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Use the following financial statements and additional information. 2018 MARSHALL INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 70,500 Accounts receivable, net 70,000 Inventory 71,000 Prepaid expenses 5,800 Total current assets 217,300 Equipment 183,000 Accum. depreciation-Equipment (45,000) Total assets $355,300 Liabilities and Equity Accounts payable $ 34,000 Wages payable 7,000 Income taxes payable 3,800 Total current liabilities 44,800 Notes payable (long term) 45,000 Total liabilities 89,800 Equity Common stock, $5 par value 220,000 Retained earnings 45,500 Total liabilities and equity $355,300 $ 33,000 55,000 98,000 7,200 193,200 169,000 (15,000). $347,200 $ 42,000 18,000 4,200 64,200 90,000 154,200 160,000 33,000 $347,200 MARSHALL INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $79,000 Other expenses 95,000 Total operating expenses $959,000 587,000 372,000 174,000 198,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 5,500 203,500 62,290 $141, 210 Additional Information a. A $45,000 note payable is retired at its $45,000 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 $77,000 cash. d. Received cash for the sale of equipment that had cost $63,000, yielding a $5,500 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 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 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 Show All Items 000: No journal entry required 101: Cash 106: Accounts receivable, net Journal entry worksheet 3 4 5 6 7 8 13 > 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 Journal entry worksheet Close all expense accounts to income summary. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Journal entry worksheet Close Income Summary to Retained Earnings. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Journal entry worksheet 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. Unadjusted MARSHALL 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: ................ ......................MD

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Managerial Accounting for Managers

Authors: Eric Noreen, Peter Brewer, Ray Garrison

4th edition

1259578542, 978-1259578540

Students also viewed these Accounting questions