- 20 Use The Following Financial Statements And Additional Information Ikiban Incorporated Comparative Balance Sheets Jun 1 (289.07 KiB) Viewed 63 times
IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2019 Sales $ 678,000 411,000 Cost of goods sold Gross profit 267,000 Operating expenses $ 58,600 Depreciation expense Other expenses Total operating expenses 67,000 125,600 141,400 Other gains (losses) Gain on sale of equipment Income before taxes. 2,000 143,400 43,890 Income taxes expense Net income $ 99,510 Additional Information a. A $30,000 note payable is retired at its $30,000 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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.
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 June 30 Clear entry View general journal Record entry >
Journal entry worksheet < 1 2 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 June 30 Clear entry View general journal Record entry >
Assessment Tool iFrame Journal entry worksheet < 1 1 2 3 4 5 6 7 8 13 ..... 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 June 30 Clear entry View general journal Record entry >
Journal entry worksheet < 1 2 3 4 5 6 7 8 . 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. Date Account Title Debit Credit June 30 Clear entry View general journal Record entry >
Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 13 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 June 30 Clear entry View general journal Record entry >
Journal entry worksheet < 1 2 3 4 5 6 7 8 13 ..... 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 June 30 Clear entry View general journal Record entry >
Journal entry worksheet 1 2 3 4 5 6 7 8 13 I Reconstruct the entry to record the retirement of the $30,000 note payable at its $30,000 carrying (book) value in exchange for cash. Note: Enter debits before credits. Date Account Title Debit Credit June 30 Clear entry View general journal Record entry
Journal entry worksheet < 1 1 2 3 4 5 6 7 8 Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits. Date Account Title June 30 Clear entry Record entry Debit 13 Credit View general journal >
Journal entry worksheet < 1 ..... 4 5 6 7 8 9 Reconstruct the entry for the issuance of common stock. Note: Enter debits before credits. Date Account Title June 30 Clear entry Record entry Debit 13 Credit View general journal A
Journal entry worksheet < 1 ... 5 6 7 8 9 10 Close all revenue and gain accounts to income summary. Note: Enter debits before credits. Date Account Title June 30 Clear entry Record entry ▪▪▪▪ Debit 13 Credit View general journal V
Journal entry worksheet 1 6 7 8 9 10 ..... Close all expense accounts to income summary. Note: Enter debits before credits. Account Title Date June 30 Clear entry Record entry 11 ---- Debit 13 Credit View general Journal
Journal entry worksheet < 1 6 7 8 9 .... Close Income Summary to Retained Earnings. Note: Enter debits before credits. Date Account Title June 30 Clear entry Record entry 10 11 12 Debit 13 Credit View general journal >
Journal entry worksheet < 1 ... 6 7 8 9 10 Reconstruct the journal entry for cash dividends paid. Note: Enter debits before credits. Date Account Title June 30 Clear entry Record entry 11 12 Debit 13 Credit View general journal
Prepare the Statement of Cash flows for the year ended June 30, 2019 using the Direct Method. Hint Use the Cash 1 account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted
IKIBAN INCORPORATED 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:
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
IKIBAN INCORPORATED 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: Income statement items not affecting cash Changes in current operating assets and liabilities