for this one, the journal entries are correct. i just need help with the direct method and indirect method

2018 CIDUUD UNLUKTURATED Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 91,000 Accounts receivable, net 76,000 Inventory 65,000 Prepaid expenses 5,900 Total current assets 237,900 Equipment 189,000 Accumulated depreciation-Equipment (48,000) Total assets $ 378,900 Liabilities and Equity Accounts payable $ 28,000 Wages payable 8,000 Income taxes payable 4,100 Total current liabilities 40,100 Notes payable (long term) 35,000 Total liabilities 75,100 Equity Common stock, $5 par value 250,000 Retained earnings 53,800 Total liabilities and equity $ 378,900 $ 32,200 59,000 90,000 7,400 188,600 175,000 (16,000) $ 347,600 $ 34,000 20,000 4,600 58,600 70,000 128,600 180,000 39,000 $ 347,600 $ 998,000 611,000 387,000 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 99,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 182,000 205,000 6,100 211,100 64,620 $ 146,480 Additinnal Information Additional Information a. A $35,000 note payable is retired at its $35,000 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 $81,000 cash. d. Received cash for the sale of equipment that had cost $67,000, yielding a $6,100 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. No Dato Account Title Dobit Credit 1 June 30 Cash Accounts receivable, net Sales 981,000 17,000 998,000 2 June 30 Cost of goods sold Accounts payable Inventory Cash 611,000 6,000 25,000 592,000 3 June 30 Depreciation expense Accumulated depreciation - Equipment 83,000 83,000 4 June 30 99,000 12,000 Other expenses Wages payable Prepaid expenses Cash 1,500 109,500 5 June 30 22,100 51,000 Cash Accumulated depreciation - Equipment Equipment Gain on sale of equipment 67,000 6,100 6 6 June 30 Income taxes expense Income taxes payable Cash 64,620 500 65,120 7 June 30 Notes payable (long-term) Cash 35,000 35,000 8 June 30 Equipment Cash 81,000 81,000 9 June 30 Cash Common stock, $5 par value 70,000 70,000 10 June 30 Sales Gain on sale of equipment Income summary 998,000 6,100 1,004,100 11 June 30 857,620 Income summary Cost of goods sold Depreciation expense Other expenses Income taxes expense 611,000 83,000 99,000 64,620 146,480 12 June 30 Income summary Retained earnings 146,480 131,680 13 June 30 Retained earnings Cash 131,680 reperereserei war irowi use your HU JUHEJU, GUARY MI HA IV. M. 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: Net cash used by financing activities 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. Post-closing FIELDS INCORPORATED Statement of Cash Flows (Indirect Method) For Your Ended June 30, 2019 Cash flows from operating activities: 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