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Cecconi Corp's current year income statement, comparative balance sheets, and additional Information follow. For the year, (1) all sales are credit sales. (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. CECCONI CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $352,000 122,000 626.000 1,100,000 382,000 (180.000) 51,302.000 $ 227,200 104.000 548.000 379,200 332,000 15.000) $1,096,200 Assets Cash Accounts receivable Inventory Total current assets Equipment Necum. depreciation-Iquipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 52 par value Paid-in capital in excess of par value, compon stock Retained earning Total liabilities and equity 5 5 113,000 30,000 143,000 93,000 27,200 120.200 724,000 259,000 176,000 $1,302,000 670,000 190,000 10,000 $1.096.200 CECCONI CORPORATION Income statement Tor Year Ended December 31 Sales Coat of goods sold Crous profit Operating expenses Depreciation expense $ 65,000 Other expenses 610,000 Income before taxes Income taxes expenso Het income 52,229,000 1,350,000 879,000 679,000 200,000 61.220 130,700 Additional Information on Current Year Transactions a. Purchased equipment for $50,000 cash. b.issued 23,000 shares of common stock for $5 cash per share. c. Declared and paid $70,780 in cash dividends. Journal entry worksheet es Journal entry worksheet 1 2 3 4 5 6 7 8 11 > Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits Dato Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal 1 2 3 5 6 7 8 11 Reconstruct the journal entry for cash paid for other operating expenses, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Account Title Dobit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet Reconstruct the entry for the issuance of common stock. Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 6 7 . 11 Reconstruct the entry to record the payment of cash dividends. Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 4 5 6 7 8 10 11 Close the revenue account(s) to income summary. Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 5 6 7 8 9 10 11 Close the expense accounts to income summary. Note: Enter debits before credits. Dato Account Titio Debit Credit Dec 31 Record entry Clear entry View general journal General General Requirement Journal Indirect Trial Balance Direct Method Ledger Method Prepare the Statement of Cash flows for the year ended December 31, current year 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. Dates: Dec 31 to! Dec 31 Unadjusted CECCONI COMPANY Statement of Cash Flows (Direct Method) For Current Year Ended December 31 Cash flows from operating activities: + Cash flows from investing activities Cash flows from financing activities

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