Assets Cash June 30, 2019 and 2018 2019 2018 $ 91,000 $ 32,200 76,000 59,000 65,000 90,000 5,900 7,400 237,900 188,600 189,000 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 FIELDS INCORPORATED Income Statement $ 378,900 $ 28,000 8,000 (48,000) 175,000 (16,000) $ 347,600 $ 34,000 20,000 4,100 4,600 40,100 58,600 35,000 70,000 75,100 128,600 250,000 180,000 53,800 39,000 $ 378,900 $ 347,600 For Year Ended June 30, 2019 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 $ 83,000 99,000 $ 998,000 611,000 387,000 $ 182,000 205,000 6,100 211,100 64,620 $ 146,480 AUGUE DELULELOAD Income taxes expense Net income dditional Information 64,620 $146,480 A $35,000 note payable is retired at its $35,000 carrying (book) value in exchange for cash. The only changes affecting retained earnings are net income and cash dividends paid. New equipment is acquired for $81,000 cash. Received cash for the sale of equipment that had cost $67,000, yielding a $6,100 gain. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales of inventory are on credit. Requirement Answer is not complete. General Journal General Ledger Trial 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. No 1 Date June 30 Cash Accounts receivable, net Sales 2 June 30 Cost of goods sold Accounts payable Inventory Cash Account Title Debit Credit 981,000 17,000 998,000 611,000 6,000 25,000 592,000 3 June 30 Depreciation expense 83,000 Accumulated depreciation - Equipment 83,000 June 30 Other expenses Wages payable Prepaid expenses Cash 99,000 12,000 1,500 109,500 5 June 30 Cash 57,100 Accumulated depreciation - Equipment 16,000 Equipment 67,000 Gain on sale of equipment 6,100 6 June 30 Income taxes expense 64,620 Income taxes payable Cash 4,100x 60,520 7 June 30 Notes payable (long-term) 35,000 Cash 35,000 8 June 30 Equipment Cash 81,000 81,000 9 June 30 Cash 70,000 Common stock, $5 par value 70,000 10 June 30 Sales 998,000 Cash 8 June 30 Equipment Cash 35,000 81,000 81.000 9 June 30 Cash 70,000 Common stock, $5 par value 70,000 10 June 30 Sales 998,000 ( Gain on sale of equipment 6,100 Income summary 1,004,100 11 June 30 Income summary Cost of goods sold Depreciation expense Other expenses 857,620 611,000 83,000 99,000 64,620 Income taxes expense 12 June 30 Income summary Retained earnings 13 June 30 Retained earnings Cash 146,480 146,480 171,280 171,280 account. Post-closing y you will explain the changes in the beginning and ending balances for each General Ledger Account Cash Accounts receivable, net No. Date Debit Credit Balance No. June 30 1 June 30 981,000 32.200 1,013,200 Datel June 30 Debit Credit Balance 50.000 June 30 17,000 70,000 2 June 30 502,000 421,200 4 June 30 109,500 311,700 5 June 30 57.100 368,800 6 June 30 60,520 308,280 7 June 30 35,000 273,280 8 June 30 81,000 192,280 9 June 30 70,000 262,280 13 June 30 171,280 91,000 Inventory Prepaid expenses No. Date Debit Credit Balance No. June 30 90,000 2 June 30 25,000 65,000 4 Date June 30 June 30 Debit Credit Balance 7,400 1,500 5,900 25 points Prepaid expenses No. Date Debit Credit Balance No. Date Debit June 30 90,000 June 30 2 June 30 25,000 65,000 June 30 Credit Balance 7,400 1,500 5,900 Equipment Accumulated depreciation Equipment No. Date Debit Credit Balance No. Date Debit Credit Balance June 30 175,000 June 30 16,000 5 June 30 67,000 108,000 3 June 30 83,000 99,000 8 June 30 81,000 189,000 5 June 30 16,000 83,000 Accounts payable Wages payable No. Date Debit June 30 21 June 30 Credit Balance No. 34,000 Date June 30 Debit Credit Balance 20,000 6,000 28,000 4 June 30 12,000 8,000 No. Date June 30 6 June 30 No. Date June 30 9 June 30 Income taxes payable Debit Notes payable (long-term) Credit Balance No. 4,100 4,600 8,700 Date June 30 Debit 7 June 30 35,000 Credit Balance 70,000 35.000 Retained eamings Credit Balance No. Date Debit Credit Balance 180,000 June 30 39,000 70,000 250,000 12 June 30 146,480 185,480 13 June 30 171,280 14,200 Common stock, $5 par value Debit Cost of goods sold Sales Cost of goods sold No. Date Debit Credit Balance No. Date Debit Credit Balance June 30 0 June 30 0 1 June 30 998,000 998,000 2 June 30 611,000 611,000 10 June 30 998,000 0 11 June 30 611,000 0 Depreciation expense Other expenses No. Date Debit Credit Balance No. Date Debit Credit Balance June 30 0 June 30 0 3 June 30 83,000 83,008 4 June 30 99,000 99,000 11 June 30 83,000 11 June 30 99,000 0 Gain on sale of equipment Income taxes expense No. Date Debit Credit Balance No. Date Debit Credit Balance June 30 0 June 30 0 4 5 June 30 6,100 6,100 6 June 30 64,620 64,620 10 June 30 6,100 0 11 June 30 64,620 Income summary No. Date Debit Credit Balance June 30 0 10 June 30 1,004,100 11 June 30 857,620 (1,004,100) (146,480) 12 June 30 146,480 0 < General Journal Trial Balance > 444 Answer is not complete. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30, 2019 balance sheet above. Post-closing 44 Cash FIELDS INCORPORATED Trial Balance June 30, 2021 Account Title 4444444 Accounts receivable, net Inventory Prepaid expenses Equipment Accumulated depreciation - Equipment Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common stock, $5 par value Retained earnings Total Debit Credit $ 91,000 76,000 65,000 5,900 189,000 83,000 28,000 8,000 8,700 35,000 250,000 14,200 $ 426,900 $ 426,900 Requirement General Journal General Ledger Indirect Trial Balance Direct Method Method Prepare the Statement of Cash flows for the year ended June 30, 2019 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. Post-closing FIELDS INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: VI TUOI SINCE V AVTO Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: + Post-closing by operating activities as negative values. Cash flows from operating activities: FIELDS INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities