-S Use the following financial statements and additional information. LAFAYETTE INCORPORATED Comparative Balance Sheets. June 30,...

 

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-S Use the following financial statements and additional information. LAFAYETTE INCORPORATED Comparative Balance Sheets. June 30, 2019 and 2018 Assets. Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 LAFAYETTE INCORPORATED Income Statement. For Year Ended June 30, 2019 Sales Cost of goods sold 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 Requirement General Journal 2019 General Ledger $ 90,400 73,000 63,000 5,400 231,800 166,000 (42,000) $ 355,800 $ 72,000 85,000 $ 26,000 7,000 4,300 37,300 33,000 70,300 240,000 45,500 $ 355,800 $ 869,000 531,000 338,000 $ 157,000 181,000 2018 4,100 185,100 56,660 $ 128,440 $ 31,100 57,000 88,000 6,700 182,800 154,000 (14,000) $ 322,800 Trial Balance Direct Method Additional Information a. A $32,000 note payable is retired at its $32,000 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 $71,000 cash. d. Received cash for the sale of equipment that had cost $59,000, yielding a $4,100 gain. $ 32,000 18,000 4,800 e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. 54,800 65,000 119,800 170,000 33,000 $ 322,800 Indirect Method General Journal tab - Reconstruct the entries to summarize the activity between June 30, 2018 and June 30, 2019. Direct Method tab - Prepare the Statement of Cash flows for the year ended June 30, 2019 using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. -S Use the following financial statements and additional information. LAFAYETTE INCORPORATED Comparative Balance Sheets. June 30, 2019 and 2018 Assets. Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 LAFAYETTE INCORPORATED Income Statement. For Year Ended June 30, 2019 Sales Cost of goods sold 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 Requirement General Journal 2019 General Ledger $ 90,400 73,000 63,000 5,400 231,800 166,000 (42,000) $ 355,800 $ 72,000 85,000 $ 26,000 7,000 4,300 37,300 33,000 70,300 240,000 45,500 $ 355,800 $ 869,000 531,000 338,000 $ 157,000 181,000 2018 4,100 185,100 56,660 $ 128,440 $ 31,100 57,000 88,000 6,700 182,800 154,000 (14,000) $ 322,800 Trial Balance Direct Method Additional Information a. A $32,000 note payable is retired at its $32,000 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 $71,000 cash. d. Received cash for the sale of equipment that had cost $59,000, yielding a $4,100 gain. $ 32,000 18,000 4,800 e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. 54,800 65,000 119,800 170,000 33,000 $ 322,800 Indirect Method General Journal tab - Reconstruct the entries to summarize the activity between June 30, 2018 and June 30, 2019. Direct Method tab - Prepare the Statement of Cash flows for the year ended June 30, 2019 using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method.

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