I need to answer all of the following questions

Use the following financial statements and additional information 2018 MYCONOS INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 104,500 Accounts receivable, net 81.000 Inventory 68,000 Prepaid expenses 5,100 Total current assets 258,600 Equipment 157.000 Accum. depreciation Equipment (39,000) Total assets $376,600 Liabilities and Equity Accounts payable $ 31,000 Wages payable 8.000 Income taxes payable 3,800 Total current liabilities 42,800 Notes payable (long term) 40,000 Total liabilities 82,800 Equity Common stock, $5 par value 240,000 Retained earnings 53,800 Total liabilities and equity $376,600 $ 55,800 63,000 94,000 6,400 219,200 145,000 (13,000) $351,200 $38.000 20.000 4,200 62,200 80,000 142,200 170,000 39,000 $351,200 MYCONOS INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $69.000 Other expenses 79.000 Total operating expenses $819,000 501,000 318,000 148,000 170,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,500 173,500 53, 110 $120,390 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 $68,000 cash. d. Received cash for the sale of equipment that had cost $56.000. yielding a $3,500 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. 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. Other expenses Total operating expenses 148,000 170,000 Other gains Losses) Cain on sale of equipment Income before taxes Income tax expense Net income 3.500 173,500 53,110 $120,390 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 pald. c. New equipment is acquired for $68,000 cash. d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,500 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. 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. Unadjusted MYCONOS INC. Statement of Cash Flows Indirect Method For Year Ended June 30, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: balances. View transaction list Journal entry worksheet 2 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 Account Title Debit Credit Jun 30 Record entry Clear entry View general journal Requirement General Ledger > Unadjusted General Ledger Account Cash Accounts receivable, net Debit Credit No. Debit Credit No. Date Jun 30 Balance 55,800 Date Jun 30 Balance 63,000 Inventory Prepaid expenses No. Debit Credit No. Debit Credit Date Jun 30 Balance 94.000 Date Jun 30 Balance 6,400 Equipment Accumulated depreciation - Equipment No. Debit Credit Balance No. Debit Credit Date Jun 30 Date Jun 30 Balance 13,000 145,000 Accounts payable Debit Credit Wages payable Debit Credit No. Date Jun 30 Balance 38,000 Date Jun 30 Balance 20,000 Income taxes payable Notes payable (long-term) Debit Credit Debit Credit No. Date Jun 30 Balance 4,200 Date Jun 30 Balance 80,000 Retained earnings Common stock, 55 par value Debit Credit No. Date No. Balance Debit Credit Balance 170,000 Date Jun 30 39,000 Jun 30 Requirement Cereral Journal Trial Balance Direct Method Indirect Method Begin by selecting "Post-closing from the drop-down menu. Verify that each balance agrees with the June 30, 2019 balance sheet above. Unadjusted MYCONOS INC Trial Balance June 30, 2019 Account Title Credit Debit 55,800 63,000 94,000 6,400 145,000 Cash Accounts receivable, net Inventory - Prepaid expenses Equipment Accumulated depreciation - Equipment Accounts payable Wages payable Income taxes payable Notes payable (long-term) common stock, 35 par value Retained earnings Total 13,000 38.000 20,000 4.200 80,000 170,000 39,000 364,200 $ 364,200 $ Not income $120.390 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 $68,000 cash d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,500 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. 1. All purchases and sales of inventory are on credit. 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. account on the General Ledger tab to identify the sources and uses of cash. List cash outfio values Unadjusted MYCONOS INC Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: FOR Cash flows from investing activities: Cash flows from financing activities: Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not Fitz Company reports the following information. Selected Annual Income Statement Data Net income $388,000 Depreciation expense 49,200 Amortization expense 8,800 Gain on sale of plant assets 6,800 Selected Year-End Balance Sheet Data Accounts receivable decrease $105, 100 Inventory decrease 42,000 Prepaid expenses increase 5.300 Accounts payable decrease 9,900 Salaries payable increase 2,500 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year e (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. Statement of Cash Flows partial) Cash flows from operating activities Net income $ 388,000 Adjustments to reconcile net income to not cash provided by operating activities Depreciation expense 49,200 Amortization expense 8,800 Gain on sale of plant assets (6,800) Increase in accounts receivable 105,100 105 100 Decrease in inventory 42,000 Increase in prepaid expenses (5,300) Decrease in accounts payable (9.900) Increase in salarios payable 2,500 Net cash provided by operating activities $ 573,600