15 points GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. EDMUNDS INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 Book Ask P References Assets Cash Accounts receivable, set Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-quipment 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 EDMUNDS INCORPORATED Income Statement For Year Ended June 30, 2019 2019 $146,400 68,000 69,000 2018 $ 95,900 53,000 $6,000 4,700 5,900 280,100 140,000 250,000 130,000 36,000) (12,000) $ 392,100 $368,000 $ 33,000 8,000 $40,000 20,000 4,300 4,800 45,300 64,800 43,000 85,000 88,300 149,000 250,000 180,000 53,800 39,000 $ 392,100 $368,800 Sales $ 742,000 Check my work 1 O INCORPORATED Income Statement For Year Ended Juh 30, 2019 15 Cost of goods sold d OF Crop Depreciation expe spen other Total operating expens Other gains dain on sale of equipmen Iscose before taxes ties incone Additional Information 72,200 $742,000 454,000 208,000 136,400 153,800 3,500 154,500 a. A $42.000 note payable is retired at its $42,000 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 $63,000 cash d. Received cash for the sale of equipment that had cost $53,000, yielding a $2,500 gain Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. Al purchases and sales of inventory are on credit 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 General Journal > Check my work IMP 1 Requirement Genera Jumal General Ledger Tra Balance Direct Method indirect Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2019 balances Journal entry worksheet 13 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any Ne far dets before s Date June 30 Account Tille Debit Credit Record entry Cleartr View general journal Check my work 1306-Business CX wpic Course Wicome and DK Question 1-Ch 12 GL 12-11-x etomheducation.com/ev/map/index.html?conecon&external browser 0&launchUrlahttps%25 Ch 12 GL 12-11 0 1 EDMUNDS INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating advies Cash Rows from investing activities ME Graw Cash flows from financing activites ** # 13 @2 " 54 Prev 1 of 1 " " 35 % MacBook Air 66 " 7 67 Ch 12 GL 12-110 1 15 poin Sel eBook reductions to net cash provided by operating activities as negative values. Unadjusted Cash flows from operating activities EDMUNDS INCORPORATED Statement of Cash Flows (indirect Method) For Year Ended June 30, 2019 Adjustments to reconcile net income to net cash provided by operating activit Income statement dems not affecting cash Pirk Changes in current operating assets and liabilities Direct Method 4 Check my work