my general journal, direct method & indirect methid is incomplete

Use the following financial statements and additional information. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 22,000 Retained earnings 33.300 Total liabilities and equity $317,700 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $292,900 $678,000 411,000 267,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 125,600 141.400 2,000 143.400 43,890 $ 99,510 Additional Information a. A $30,000 note payable is retired at its $30,000 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600. yielding a $2.000 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. Additional Information a. A $30,000 note payable is retired at its $30,000 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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 Using the income statement, the comparative balance sheet, and the additional Information given above, reconstruct the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the balances View transaction list View journal entry worksheet Date Credit No 2 Debit 411,000 Jun 39 Account Title Cost of goods sold Accounts payable Accounts receivable, net 30,000 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 account on the General Ledger tab to identify the sources and uses of cash. L values. Unadjusted - IKIBAN INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash paid for operating expenses $ 151,410 $ 151,410 Cash flows from investing activities: Cash received from sale of equipment Cash paid for equipment 10,000 (57,600) (47,600) Cash flows from financing activities: Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 60,000 (30,000) (90,310) (60,310) 43,500 $ Net increase in cash Cash balance at prior year-end Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Prepare the operating activities section of the statement of cash flows using ti reductions to net cash provided by operating activities as negative values. Unadjusted IKIBAN INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Net income $ 99,510 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $ 58,600 Gain on sale of equipment (2,000) Increase in accounts receivable (14,000) Decrease in inventory 22,700 Decrease in prepaid expenses 1,000 Decrease in accounts payable (5,000) Decrease in wages payable (9,000)| Decrease in income taxes payable (400) (2 51,900 151,410 $ Net cash provided by operating activities, using the direct method: $ 151,410 Congratulations! You have successfully reconciled the two methods. Use the following financial statements and additional information. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 22,000 Retained earnings 33.300 Total liabilities and equity $317,700 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $292,900 $678,000 411,000 267,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 125,600 141.400 2,000 143.400 43,890 $ 99,510 Additional Information a. A $30,000 note payable is retired at its $30,000 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600. yielding a $2.000 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. Additional Information a. A $30,000 note payable is retired at its $30,000 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 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 Using the income statement, the comparative balance sheet, and the additional Information given above, reconstruct the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the balances View transaction list View journal entry worksheet Date Credit No 2 Debit 411,000 Jun 39 Account Title Cost of goods sold Accounts payable Accounts receivable, net 30,000 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 account on the General Ledger tab to identify the sources and uses of cash. L values. Unadjusted - IKIBAN INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash paid for operating expenses $ 151,410 $ 151,410 Cash flows from investing activities: Cash received from sale of equipment Cash paid for equipment 10,000 (57,600) (47,600) Cash flows from financing activities: Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 60,000 (30,000) (90,310) (60,310) 43,500 $ Net increase in cash Cash balance at prior year-end Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Prepare the operating activities section of the statement of cash flows using ti reductions to net cash provided by operating activities as negative values. Unadjusted IKIBAN INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Net income $ 99,510 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $ 58,600 Gain on sale of equipment (2,000) Increase in accounts receivable (14,000) Decrease in inventory 22,700 Decrease in prepaid expenses 1,000 Decrease in accounts payable (5,000) Decrease in wages payable (9,000)| Decrease in income taxes payable (400) (2 51,900 151,410 $ Net cash provided by operating activities, using the direct method: $ 151,410 Congratulations! You have successfully reconciled the two methods