Comparative Balance Sheets June 30, 2019 and 2018. Assets Cash Accounts receivable, Inventory Prepaid expenses Total current assets Equipment net 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 AUSTIN INCORPORATED Income Statement 2019 $ 94,300 81,000 2018 $ 39,400 63,000 68,000 94,000 5,600 7,000 248,900 203,400 176,000 163,000 (15,000) $ 379,900 $ 31,000 6,000 (45,000) $ 351,400 $ 38,000 16,000 4,900 5,400 41,900 59,400 40,000 80,000 81,900 139,400 240,000 170,000 58,000 42,000 $ 379,900 $ 351,400 For Year Ended June 30, 2019 Sales $ 922,000 Cost of goods sold Gross profit 564,000 358,000 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 $ 75,000 91,000 $ 166,000 192,000 4,900 196,900 60,270 $136,630 Additional Information a. A $40,000 note payable is retired at its $40,000 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 $74,000 cash. d. Received cash for the sale of equipment that had cost $61,000, yielding a $4,900 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. Journal entry worksheet < 1 3 4 5 6 7 8 ... 13 > Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Record entry Clear entry View general Journal ces General Requirement 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 Metho account on the General Ledger tab to identify the sources and uses of cash. List cash on values. Unadjusted AUSTIN 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: + 1. All purc General Requirement Journal General Ledger Trial Balance Direct Methodi 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. Unadjusted ok nt Cash flows from operating activities: AUSTIN 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: ences Income statement items not affecting cash Changes in current operating assets and liabilities +