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the following financial statements Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities depreciation-Equipment Equity Common stock, $5 par value Retained earnings Total liabilities and equity additional information. STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $352,100 $ 26,000 7,000 4,700 $ 66,000 37,700 33,000 70,700 240,000 41,400 $ 352,100 2020 $ 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) $ 319,200 $ 772,000 472,000 300,000 $ 32,000 17,000 5,200 54,200 65,000 119,200 170,000 30,000 $ 319,200

the following financial statements Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities depreciation-Equipment Equity Common stock, $5 par value Retained earnings Total liabilities and equity additional information. STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $352,100 $ 26,000 7,000 4,700 $ 66,000 37,700 33,000 70,700 240,000 41,400 $ 352,100 2020 $ 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) $ 319,200 $ 772,000 472,000 300,000 $ 32,000 17,000 5,200 54,200 65,000 119,200 170,000 30,000 $ 319,200

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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Requirement General Journal Cash flows from operating activities: General Ledger Prepare the Statement of Cash flows for the year ended June 30, 2021 using the Direct Method. Hint Use the Cash T- account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted STREAMLINE INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 Cash flows from investing activities: Trial Balance Direct Method Cash flows from financing activities: Indirect Method Requirement General Journal General Ledger Cash flows from operating activities: Trial Balance Direct Method 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 STREAMLINE INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Indirect Method Changes in current operating assets and liabilities
Transcribed Image Text:Requirement General Journal Cash flows from operating activities: General Ledger Prepare the Statement of Cash flows for the year ended June 30, 2021 using the Direct Method. Hint Use the Cash T- account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted STREAMLINE INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 Cash flows from investing activities: Trial Balance Direct Method Cash flows from financing activities: Indirect Method Requirement General Journal General Ledger Cash flows from operating activities: Trial Balance Direct Method 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 STREAMLINE INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Indirect Method Changes in current operating assets and liabilities
Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 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 STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 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 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000 472,000 300,000 2020 $ 140,000 160,000 $ 44,100 57,000 88,000 6,100 2,900 162,900 49,860 $ 113,040 170,000 30,000 $319,200 $ 32,000 17,000 5,200 54,200 65,000 119,200 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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 No. No. No. As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Unadjusted No. No. No. Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Requirement Journal Unadjusted Debit Cash Inventory Debit Ledger Equipment Debit Debit General Journal Accounts payable Debit Credit Credit Income taxes payable Credit Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common stock, $5 par value Retained earnings Total Credit Trial Balance Direct Method Credit Common stock, $5 par value Debit Credit General Ledger Cash Accounts receivable, net Inventory Prepaid expenses Equipment Accumulated depreciation - Equipment General Ledger Account Balance 44.100 Balance 88,000 Balance 136,000 Balance 32,000 Balance 5,200 Balance 170,000 No. No. Account Title No. No. No. No. Method Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Trial Balance Direct Method Date June 30 Accumulated depreciation - Equipment Credit Trial Balance June 30, 2021 Accounts receivable, net Credit STREAMLINE INCORPORATED Debit Prepaid expenses Debit Indirect Method Debit Wages payable Debit Notes payable (long-term) Debit Credit Credit Retained earnings Debit $ $ Credit Credit Balance Debit Balance Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30, 2021 balance sheet above. 57,000 Balance 6,100 Balance 17,000 12.000 Balance 44,100 57,000 88,000 6,100 136,000 331,200 $ Balance 65.000 30,000 Credit 12,000 32.000 17,000 5,200 65,000 170,000 30.000 331,200
Transcribed Image Text:Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 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 STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 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 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000 472,000 300,000 2020 $ 140,000 160,000 $ 44,100 57,000 88,000 6,100 2,900 162,900 49,860 $ 113,040 170,000 30,000 $319,200 $ 32,000 17,000 5,200 54,200 65,000 119,200 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 $65,000 cash. d. Received cash for the sale of equipment that had cost $54,000, yielding a $2,900 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 No. No. No. As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Unadjusted No. No. No. Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Requirement Journal Unadjusted Debit Cash Inventory Debit Ledger Equipment Debit Debit General Journal Accounts payable Debit Credit Credit Income taxes payable Credit Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common stock, $5 par value Retained earnings Total Credit Trial Balance Direct Method Credit Common stock, $5 par value Debit Credit General Ledger Cash Accounts receivable, net Inventory Prepaid expenses Equipment Accumulated depreciation - Equipment General Ledger Account Balance 44.100 Balance 88,000 Balance 136,000 Balance 32,000 Balance 5,200 Balance 170,000 No. No. Account Title No. No. No. No. Method Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Trial Balance Direct Method Date June 30 Accumulated depreciation - Equipment Credit Trial Balance June 30, 2021 Accounts receivable, net Credit STREAMLINE INCORPORATED Debit Prepaid expenses Debit Indirect Method Debit Wages payable Debit Notes payable (long-term) Debit Credit Credit Retained earnings Debit $ $ Credit Credit Balance Debit Balance Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30, 2021 balance sheet above. 57,000 Balance 6,100 Balance 17,000 12.000 Balance 44,100 57,000 88,000 6,100 136,000 331,200 $ Balance 65.000 30,000 Credit 12,000 32.000 17,000 5,200 65,000 170,000 30.000 331,200
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