Question: 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
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.
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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.

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