GL$1201($Algo$)-$ Based on Exercise $12-11$ LO P$2,$ P$3,$ A$1$ Journal entry worksheet

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Reconstruct the journal entry for cash dividends paid.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$Account Title,Debit,Credit$],[$June $30,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$ Prepare the Statement of Cash flows for the year ended June $30,2021$ 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.

Unadjusted

AUSTIN INCORPORATED

Statement of Cash Flows $($Direct Method$)$

For Year Ended June $30,2021$

Cash flows from operating activities: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

AUSTIN INCORPORATED

Statement of Cash Flows $($Indirect Method$)$

For Year Ended June $30,2021$

Use the following financial statements and additional information. 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. 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. Journal entry worksheet

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Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account$($s$),$ if any.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$Account Title,Debit,Credit$],[$June $30,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$Journal entry worksheet

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Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account$($s$),$ if any.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$Account Title,Debit,Credit$],[$June $30,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$