Can I get the correct answer to the Direct Method,Indirect Method

GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 2018 Use the following financial statements and additional information GREEN INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 65,400 Accounts receivable, net , 68,000 Inventory 71,000 Prepaid expenses 6,200 Total current assets 210,600 Equipment 202,000 Accumulated depreciation-Equipment (51,000) Total assets $ 361,600 Liabilities and Equity Accounts payable $ 34,000 Wages payable 8,000 Income taxes payable 4,900 Total current liabilities 46,900 Notes payable (long term) 45,000 Total liabilities 91,900 Equity Common stock, $5 par value 220,000 Retained earnings 49,700 Total liabilities and equity $ 361,600 $ 23,600 53,000 98,000 7,800 182,400 187,000 (17,000) $ 352,400 $ 42,000 19,000 5,400 66,488 90,000 156, 400 160,000 36,000 $ 352,400 $ 1,080,000 661,000 419,000 GREEN INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 91,000 Other expenses 107,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 198,000 221,000 7,700 228,700 70,010 $ 158,690 Additional Information a. A $45,000 note payable is retired at its $45,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends pald. c. New equipment is acquired for $89.000 cash. d. Received cash for the sale of equipment that had cost $74,000yielding a $7700 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 Additional Information a. A $45,000 note payable is retired at its $45,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends pald. c. New equipment is acquired for $89,000 cash. d. Received cash for the sale of equipment that had cost $74,000, yielding a $7,700 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. General Requirement General Journal Indirect Trial Balance Direct Method Ledger Method As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Post-closing General Ledger Account Cash Accounts receivable, not Debit Credit No. Debit Credit Date June 30 June 30 Balance 53,000 68,000 1 1,065,000 15,000 2. 4 642,000 116,400 5 6 OOOOOOOO Date June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 24,700 Balance No. 23,600 1,088,6001 446,600 330,200 354,900 284,390 239,390 150,390 210,390 65,400 7 70,510 45,000 89,000 8 9 13 50,000 144,990 Inventory Debit Prepaid expenses Debit Credit No. Credit No. Date June 30 June 30 Balance 98,000 71,000 Date June 30 June 30 Balance 7,800 6,200 2 27.000 4 1,600 Equipment Debit No, Credit No. Date June 30 Balance 187.000 113,000 202,000 Accumulated depreciation - Equipment Date Debit Credit June 30 June 30 91,000 June 30 57,000 Balance 17,000 108,000 51,000 5 74,000 3 June 30 June 30 8 89,000 5 Wages payable Accounts payable Debit Credit No. No. Debit Credit Date June 30 June 30 Balance 42,000 34,000 Date June 30 Balance 19,000 8,000 2 8,000 June 30 11,000 Income taxes payable Notes payable (long-term) Debit Credit No. Debit Credit No. Date June 30 June 30 Balance 5,400 4,900 Date June 30 June 30 Balance 90,000 45,000 6 500 7 45,000 Retained earnings Debit Credit No. Common stock, $5 par value Date Debit Credit June 30 June 30 60,000 No. Balance 160,000 220,000 Date June 30 June 30 June 30 Balance 36,000 194,690 49,700 f 9 158,690 12 13 144.990 Sales Cost of goods sold Debit Credit No. Debit Credit No. Balance 0 Date June 30 June 30 June 30 Balance 0 1,080,000 0 Date June 30 June 30 June 30 1 1,080.000 2 661,000 2 11 661,000 0 10 1,080,000 661,000 Other expenses Depreciation expense Debit Credit No. Debit Credit Date June 30 June 30 June 30 Balance No. 0 91,000 4 0 Date June 30 June 30 June 30 Balance 0 107,000 0 1 91,000 107.000 3 11 91,000 107.000 Gain on sale of equipment Debit Credit Income taxes expense Debit Credit No. No. Balance 0 Date June 30 June 30 June 30 Balance 0 7,700 0 Date June 30 June 30 June 30 7,700 70,010 5 10 70,010 0 7,700 11 70,010 Income summary Debit Credit No. 10 Date June 30 June 30 June 30 June 30 1,087,700 Balance 0 (1,087,700) (158,690) 0 11 12 929,010 158,690 Requirement General Journal General Ledger Trial Balance Direct Method Indirect 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 GREEN INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash paid for merchandise $ 1,065,000 Cash received from customers 1,065,000 Cash paid for income taxes 642,000 $ Cash paid for operating expenses 116,400 Cash paid for income taxes 70,510 Net cash provided by operating activities $ 2,958,910 Cash flows from investing activities: Cash flows from financing activities: Trial Balance Indirect Method > e. Prepaid expenses and wages Payable relate to uiner expenses on the income statement f. All purchases and sales of Inventory are on credit. Answer is not complete. Requirement General Journal General Ledger Trial Balance Direct Method Indirect 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. RE Post-closing GREEN INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Adjustments to reconcile not income to net cash provided by operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities Net cash provided by operating activities, using the direct method: $ 2,958,910