FIELDS INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 91, eee 76,800 65,800 5,990 237,900 189,800 (48,eee) $ 378,990 $ 32,200 59,000 90,000 7,400 188,600 175, eee (16,880) $ 347,600 Assets Cash 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 $ 28, eee 8, 80e 4,100 40, 180 35,800 75, 100 $ 34, eee 20,000 4,600 58,600 70, eee 128,60 250, eee 53,800 $ 378,900 180, eee 39, eee $ 347,600 FIELDS INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 83,000 Other expenses 99,00 Total operating expenses $ 998, eee 611, eee 387, eee $ 182,00 205, eee Other gains (losses) Osim - 10 ey 1 of 1 Next FIELDS INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 83,eee Other expenses 99,000 Total operating expenses $ 998, eee 611, eee 387, eee $ 182, see 205,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 6,100 211,100 64,620 $ 146,480 Additional Information a. A $35,000 note payable is retired at its $35,000 carrying (book) value in exchang b. The only changes affecting retained earnings are net income and cash dividends c. New equipment is acquired for $81,000 cash. d. Received cash for the sale of equipment that had cost $67,000, yielding a $6,100 e. Prepald Expenses and Wages Payable relate to Other Expenses on the income st f. All purchases and sales of Inventory are on credit. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method FIELDS INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash received from customers S 981,000 Cash paid for operating expenses Cash paid for income taxes s 981,000 Net cash provided by operating activities Cash flows from investing activities: Cash received from sale of equipment Cash paid for equipment 22,100 (81.000) (58.900) Net cash used by investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 70,000 (35,000) (131.680) Net cash used by financing activities Net increase in cash (96.680) 825,420 $ Cash balance at prior year-end