12-11-Optional See Instructor Saved June 30, 2017 and 2016 2016 Assets s 70, 500

Question

12-11-Optional See Instructor Saved June 30, 2017 and 2016 2016 Assets s 70, 500 33,000 70,000 55, 000 71,000 98,000 7, 200 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment 5, 800 217, 300 193, 200 183,000 169,000 45,000)(15, 000) $355, 300 $347,200 depreciation-Equipment Total assets Liabilities and Equity Accounts payable Rages payable nces s 34, 000 S42, 000 Income taxes payable Total current liabilities Notes payable (long term) 7,000 3, 800 19,000 d, 200 64, 200 44,800 Ttal liabilities Equity Cotton atock, SS par valu 89,900 154,200 160, 000 5355, 300 5347 20O 220 000 1 Total liabilities and equity

Explanation / Answer

In the books of Marshall Inc.

Marshall Inc.

Statement of Cash Flows ( Direct Method)

For the year ended June 30, 2017

Marshall Inc.

Statement of Cash Flows ( Indirect Method)

For the year ended June 30, 2017

Event Accounts Payable Debit Credit June 30 $ $ 1. Accounts Receivable (Ending) 70,000 Cash 944,000 Accounts Receivable ( Beginning ) 55,000 Sales 959,000 2. Inventory ( Ending) 71,000 Cost of Goods Sold 587,000 Inventory ( Beginning) 98,000 Accounts Payable 560,000 Accounts Payable ( Beginning) 42,000 Inventory 560,000 Accounts Payable ( Ending) 34,000 Cash 568,000 3. Accumulated Depreciation ( Beginning) 15,000 Depreciation Expense 79,000 Accumulated Depreciation ( Ending) 45,000 Equipment ( on asset sold) 49,000 4. Wages Payable (Beginning) 18,000 Prepaid Expenses ( Ending) 5,800 Operating Expenses 95,000 Wages Payable ( Ending) 7,000 Prepaid Expenses ( Beginning) 7,200 Cash 104,600 5. Equipment ( Ending) 183,000 Accumulated Depreciation 49,000 Cash 19,500 Equipment ( Beginning) 169,000 Cash 77,000 Gain on Sale of Equipment 5,500 6. Income Taxes Payable ( Beginning) 4,200 Income Taxes Expense 62,290 Income Taxes Payable ( Ending) 3,800 Cash 62,690

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