Use the following financial statements and additional Information. MARCELLUS INCORPORATED Comparative Balance sheets June 30, 2021...
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Use the following financial statements and additional Information. MARCELLUS INCORPORATED Comparative Balance sheets June 30, 2021 and 2020 2021 2028 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 Sales Cost of goods sold MARCELLUS INCORPORATED Income Statement For Year Ended June 30, 2021 $ 62,300 78,000 $ 11,300 61,000 66,000 92,000 6,000 7,500 171,800 212,300 192,000 (48,000) $ 356,300 178,000 (16,000) $ 333,800 $ 30,000 6,000 4,300 $ 36,000 16,000 4,000 40,300 56,800 38,000 75,000 78,300 131,800 220,000 160,000 58,000 42,000 $ 356,300 $333,800 $ 1,018,000 623,800 395,000 Gross profit Operating expenses Depreciation expense other expenses Total operating expenses other gains (losses) Gain on sale of equipment Incone before taxes Income taxes expense Net income Additional Information $ 85,000 101,088 $186,000 209,000 6,500 215,500 65,960 $ 149,540 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 $83,000 cash. d. Received cash for the sale of equipment that had cost $69,000, yielding a $6,500 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 General Journal tab - Reconstruct the entries to summarize the activity between June 30, 2020 and June 30, 2021. Direct Method tab Prepare the Statement of Cash flows for the year ended June 30, 2021 using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Requirement General Journal > Use the following financial statements and additional Information. MARCELLUS INCORPORATED Comparative Balance sheets June 30, 2021 and 2020 2021 2028 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 Sales Cost of goods sold MARCELLUS INCORPORATED Income Statement For Year Ended June 30, 2021 $ 62,300 78,000 $ 11,300 61,000 66,000 92,000 6,000 7,500 171,800 212,300 192,000 (48,000) $ 356,300 178,000 (16,000) $ 333,800 $ 30,000 6,000 4,300 $ 36,000 16,000 4,000 40,300 56,800 38,000 75,000 78,300 131,800 220,000 160,000 58,000 42,000 $ 356,300 $333,800 $ 1,018,000 623,800 395,000 Gross profit Operating expenses Depreciation expense other expenses Total operating expenses other gains (losses) Gain on sale of equipment Incone before taxes Income taxes expense Net income Additional Information $ 85,000 101,088 $186,000 209,000 6,500 215,500 65,960 $ 149,540 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 $83,000 cash. d. Received cash for the sale of equipment that had cost $69,000, yielding a $6,500 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 General Journal tab - Reconstruct the entries to summarize the activity between June 30, 2020 and June 30, 2021. Direct Method tab Prepare the Statement of Cash flows for the year ended June 30, 2021 using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Requirement General Journal >
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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