Question
In: Accounting
Use the following financial statements and additional information. STREAM LAUNCH INC. Comparative Balance Sheets June 30,...
Use the following financial statements and additional
information.
| STREAM LAUNCH INC. Comparative Balance Sheets June 30, 2019 and 2018 |
||||||||
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Cash | $ | 99,900 | $ | 58,700 | ||||
| Accounts receivable, net | 73,000 | 57,000 | ||||||
| Inventory | 66,000 | 92,000 | ||||||
| Prepaid expenses | 4,600 | 5,700 | ||||||
| Total current assets | 243,500 | 213,400 | ||||||
| Equipment | 134,000 | 124,000 | ||||||
| Accum. depreciation—Equipment | (33,000 | ) | (11,000 | ) | ||||
| Total assets | $ | 344,500 | $ | 326,400 | ||||
| Liabilities and Equity | ||||||||
| Accounts payable | $ | 30,000 | $ | 36,000 | ||||
| Wages payable | 7,000 | 18,000 | ||||||
| Income taxes payable | 4,000 | 4,400 | ||||||
| Total current liabilities | 41,000 | 58,400 | ||||||
| Notes payable (long term) | 38,000 | 75,000 | ||||||
| Total liabilities | 79,000 | 133,400 | ||||||
| Equity | ||||||||
| Common stock, $5 par value | 220,000 | 160,000 | ||||||
| Retained earnings | 45,500 | 33,000 | ||||||
| Total liabilities and equity | $ | 344,500 | $ | 326,400 | ||||
STREAM LAUNCH INC. Income Statement For Year Ended June 30, 2019
Sales $ 713,000
Cost of goods sold 436,000
Gross profit 277,000
Operating expenses
Depreciation expense $ 62,000
Other expenses 70,000
Total operating expenses 132,000 145,000
Other gains (losses)
Gain on sale of equipment 2,300
Income before taxes 147,300
Income taxes expense 45,090
Net income $ 102,210
Additional Information.
A) A $38,000 note payable is retired at its $38,000 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 $61,000 cash.
D) Received cash for the sale of equipment that had cost $51,000, yielding a $2,300 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
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.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Use the following financial statements and additional information. ONTARIO INC. Comparative Balance Sheets June 30, 2019...
Use the following financial statements and additional
information.
ONTARIO INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
130,800
$
76,900
Accounts receivable, net
68,000
53,000
Inventory
69,000
96,000
Prepaid expenses
5,200
6,500
Total current assets
273,000
232,400
Equipment
160,000
148,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
394,000
$
367,400
Liabilities and Equity
Accounts payable
$
33,000
$
40,000
Wages payable
6,000
16,000
Income taxes payable
4,000
4,400
Total current liabilities
43,000...
Use the following financial statements and additional information. QUALITY FIRST INC. Comparative Balance Sheets June 30,...
Use the following financial statements and additional
information.
QUALITY FIRST INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
120,200
$
72,800
Accounts receivable, net
76,000
59,000
Inventory
68,000
94,000
Prepaid expenses
4,600
5,800
Total current assets
268,800
231,600
Equipment
137,000
127,000
Accum. depreciation—Equipment
(33,000
)
(11,000
)
Total assets
$
372,800
$
347,600
Liabilities and Equity
Accounts payable
$
31,000
$
38,000
Wages payable
8,000
19,000
Income taxes payable
4,100
4,600
Total current liabilities...
Use the following financial statements and additional information. SANCHEZ INC. Comparative Balance Sheets June 30, 2017...
Use the following financial statements and additional
information.
SANCHEZ INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
101,300
$
48,900
Accounts receivable, net
68,000
53,000
Inventory
69,000
96,000
Prepaid expenses
5,700
7,100
Total current assets
244,000
205,000
Equipment
179,000
166,000
Accum. depreciation—Equipment
(45,000
)
(15,000
)
Total assets
$
378,000
$
356,000
Liabilities and Equity
Accounts payable
$
33,000
$
40,000
Wages payable
7,000
17,000
Income taxes payable
3,600
4,000
Total current liabilities
43,600...
Use the following financial statements and additional information. VANCOUVER INC. Comparative Balance Sheets June 30, 2019...
Use the following financial statements and additional
information.
VANCOUVER INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
74,000
$
29,300
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,500
6,900
Total current assets
223,500
189,200
Equipment
173,000
160,000
Accum. depreciation—Equipment
(42,000
)
(14,000
)
Total assets
$
354,500
$
335,200
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
20,000
Income taxes payable
4,700
5,200
Total current liabilities
42,700...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2018 and 2017
2018
2017
Assets
Cash
$
83,900
$
50,000
Accounts receivable, net
74,000
57,000
Inventory
69,800
95,500
Prepaid expenses
5,000
6,600
Total current assets
232,700
209,100
Equipment
130,000
121,000
Accum. depreciation—Equipment
(30,000
)
(12,000
)
Total assets
$
332,700
$
318,100
Liabilities and Equity
Accounts payable
$
31,000
$
39,000
Wages payable
6,600
16,200
Income taxes payable
4,000
5,000
Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
103,900
$
50,000
Accounts
receivable, net
74,000
57,000
Inventory
69,800
95,500
Prepaid
expenses
5,000
6,600
Total current
assets
252,700
209,100
Equipment
130,000
121,000
Accum.
depreciation—Equipment
(30,000
)
(12,000
)
Total
assets
$
352,700
$
318,100
Liabilities and
Equity
Accounts
payable
$
31,000
$
39,000
Wages
payable
6,600
16,200
Income taxes
payable
4,000
5,000
Total current
liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
87,500
$
44,000
Accounts receivable, net
65,000
51,000
Inventory
63,800
86,500
Prepaid expenses
4,400
5,400
Total current assets
220,700
186,900
Equipment
124,000
115,000
Accum. depreciation—Equipment
(27,000
)
(9,000
)
Total assets
$
317,700
$
292,900
Liabilities and Equity
Accounts payable
$
25,000
$
30,000
Wages payable
6,000
15,000
Income taxes payable
3,400
3,800
Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019
and 2018 2019 2018 Assets Cash $ 96,700 $ 62,000 Accounts
receivable, net 92,000 69,000 Inventory 81,800 113,500 Prepaid
expenses 6,200 9,000 Total current assets 276,700 253,500 Equipment
142,000 133,000 Accum. depreciation—Equipment (36,000 ) (18,000 )
Total assets $ 382,700 $ 368,500 Liabilities and Equity Accounts
payable $ 43,000 $ 57,000 Wages payable 7,800 18,600 Income taxes
payable 5,200 7,400 Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2018 and 2017
2018
2017
Assets
Cash
$
77,300
$
61,000
Accounts receivable, net
90,500
68,000
Inventory
80,800
112,000
Prepaid expenses
6,100
8,800
Total current assets
254,700
249,800
Equipment
141,000
132,000
Accum. depreciation—Equipment
(35,500
)
(17,500
)
Total assets
$
360,200
$
364,300
Liabilities and Equity
Accounts payable
$
42,000
$
55,500
Wages payable
7,700
18,400
Income taxes payable
5,100
7,200
Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019
and 2018 2019 2018 Assets Cash $ 105,700 $ 47,000 Accounts
receivable, net 69,500 54,000 Inventory 66,800 91,000 Prepaid
expenses 4,700 6,000 Total current assets 246,700 198,000 Equipment
127,000 118,000 Accum. depreciation—Equipment (28,500 ) (10,500 )
Total assets $ 345,200 $ 305,500 Liabilities and Equity Accounts
payable $ 28,000 $ 34,500 Wages payable 6,300 15,600 Income taxes
payable 3,700 4,400 Total current liabilities...
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