ONTARIO INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $130, 889 68, eee 69, 5,200 273,898 160, eee (39, 880) $394, Bee $ 76,900 53,000 96,898 6,500 232,488 148,888 _(13,600) $367,400 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 $ 33, e8e 6, ese 4. eee 43,eee 43, Bee 86.80 $ 49, eee 16,888 4,488 68,488 85, ees 145,482 188, cea 25e, esa 58, eee $394, ea $367,428 ONTARIO INC Income Statement For Year Ended June 30, 2019 Sale $835, 80e 324. Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $70, se 81. e Other gains as on sale of equipment Indbena Income taxes axence Additional Information Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given abou entries for the summarized activity of the current fiscal year. Upon completion, the trial balanc the June 30, 2019 balances, No Date Account Title Debit Credit General Ledger > Unadjusted ONTARIO INC 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 Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Prepare the operating activities section of the statement of cash flows using reductions to net cash provided by operating activities as negative values. Unadjusted ONTARIO 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 UNTARIU INLE Comparative Balance Sheets June 3e, 2019 and 2018 2019 2018 $139,800 68,888 69,000 5,280 273,800 160,000 (39, eee) $394,800 $ 76,900 53,690 96,098 6,500 232,400 148,00 (13,ce) $367,480 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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, 55 par value Retained earnings Total liabilities and equity $ 33,808 6, eee 4, eee 43, eae 43, eee 86,000 $ 40, eee 16, eee 4,488 60,40e 85, eee 145, 4ee 250, eee 58. Doe $394, ee 18e, eee 42.809 $367,499 $835 ONTARIO INC Income Statement For Year Ended June 3, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $7 . Other expenses 81.ee Total operating expenses 324. then ainsi Gain o Encore before taxes Income taxes expense encome Additional Information sing the income statement, the comparative balance sheet, and the additional information given ne summarized activity of the current fiscal year. Upon completion, the trial balance tab st alances. View transaction list Journal entry worksheet 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 Account Title Debit Credit Date Jun 30 View geral journal Rodenty Clear sky here to search uirement General Journal General Ledger Trial Balance Direct Method Indirect Method ing the income statement, the comparative balance sheet, and the additional information given al summarized activity of the current fiscal year. Upon completion, the trial balance tab shou lances. View transaction list Journal entry worksheet 4 5 6 7 8 ..... 13 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. Note: Ente detits before credits Date Account Title Debit Credit Record entry Clear entry View general journal e to search 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 the summarized activity of the current fiscal year. Upon completion, the trial balance tab should a balances. View transaction list Journal entry worksheet 1. 2 4 5 6 7 8 ..... 13 Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s). if any. Notes Entdebisbee credits Account Fitte Credit care View general journal ere to search equirement General Journal General Ledger Trial Balance Direct Method Indirect Method sing the income statement, the comparative balance sheet, and the additional information given ab he summarized activity of the current fiscal year. Upon completion, the trial balance tab shou alances. View transaction list Journal entry worksheet here to search Requirement General Journal General Ledger Trial Balance Direct Method Method Using the income statement, the comparative balance sheet, and the additional information given above the summarized activity of the current fiscal year. Upon completion, the trial balance tab should balances. View transaction list Journal entry worksheet Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits Jun 30 Clear Entry View general journal Recent General Ledger > here to search Su 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, the summarized activity of the current fiscal year. Upon completion, the trial balance tab should age balances. View transaction list Journal entry worksheet Reconstruct the entry to record the retirement of the $43,000 note payable at its $43,000 carrying (book) value in exchange for cash. Note: Enter debts before credit Credit Recorder Cherry View general jouma Recrement General Ledger > ere to search NE NU U cional information given the summarized activity of the current fiscal year. Upon completion, the trial balance tab sh balances. View transaction list Journal entry worksheet ere to search Requirement Journal Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given the summarized activity of the current fiscal year. Upon completion, the trial balance tab sho balances. View transaction list Journal entry worksheet here to search 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 the summarized activity of the current fiscal year. Upon completion, the trial balance tab should balances. View transaction list Journal entry worksheet here to search 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. the summarized activity of the current fiscal year. Upon completion, the trial balance tab should as balances. View transaction list Journal entry worksheet 1. ..... 6 7 8 9 10 11 Close all expense accounts to income summary. O Entur debits before credit Acoount Title Recorder Cerent View general journal General Ledger > ere to search 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, the summarized activity of the current fiscal year. Upon completion, the trial balance tab should an balances. View transaction list Journal entry worksheet .... 6 7 8 9 10 11 Close Income Summary to Retained Earnings. Rodenty View general journal here to search 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 Methog account on the General Ledger tab to identify the sources and uses of cash. List cash out values. Unadjusted ONTARIO INC Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities Cash flows from investing activities Increase in inventory Cash paid for equipment used by investing activite w omanding sctvite here to search Requirement General Journal General Ledger Trial Balance Direct Methodl Indirect Method Prepare the operating activities section of the statement of cash flows using the indirect reductions to net cash provided by operating activities as negative values. Unadjusted - ONTARIO 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: here to search ONTARIO INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $130, 889 68, eee 69, 5,200 273,898 160, eee (39, 880) $394, Bee $ 76,900 53,000 96,898 6,500 232,488 148,888 _(13,600) $367,400 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 $ 33, e8e 6, ese 4. eee 43,eee 43, Bee 86.80 $ 49, eee 16,888 4,488 68,488 85, ees 145,482 188, cea 25e, esa 58, eee $394, ea $367,428 ONTARIO INC Income Statement For Year Ended June 30, 2019 Sale $835, 80e 324. Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $70, se 81. e Other gains as on sale of equipment Indbena Income taxes axence Additional Information Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given abou entries for the summarized activity of the current fiscal year. Upon completion, the trial balanc the June 30, 2019 balances, No Date Account Title Debit Credit General Ledger > Unadjusted ONTARIO INC 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 Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Prepare the operating activities section of the statement of cash flows using reductions to net cash provided by operating activities as negative values. Unadjusted ONTARIO 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 UNTARIU INLE Comparative Balance Sheets June 3e, 2019 and 2018 2019 2018 $139,800 68,888 69,000 5,280 273,800 160,000 (39, eee) $394,800 $ 76,900 53,690 96,098 6,500 232,400 148,00 (13,ce) $367,480 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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, 55 par value Retained earnings Total liabilities and equity $ 33,808 6, eee 4, eee 43, eae 43, eee 86,000 $ 40, eee 16, eee 4,488 60,40e 85, eee 145, 4ee 250, eee 58. Doe $394, ee 18e, eee 42.809 $367,499 $835 ONTARIO INC Income Statement For Year Ended June 3, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $7 . Other expenses 81.ee Total operating expenses 324. then ainsi Gain o Encore before taxes Income taxes expense encome Additional Information sing the income statement, the comparative balance sheet, and the additional information given ne summarized activity of the current fiscal year. Upon completion, the trial balance tab st alances. View transaction list Journal entry worksheet 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 Account Title Debit Credit Date Jun 30 View geral journal Rodenty Clear sky here to search uirement General Journal General Ledger Trial Balance Direct Method Indirect Method ing the income statement, the comparative balance sheet, and the additional information given al summarized activity of the current fiscal year. Upon completion, the trial balance tab shou lances. View transaction list Journal entry worksheet 4 5 6 7 8 ..... 13 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. Note: Ente detits before credits Date Account Title Debit Credit Record entry Clear entry View general journal e to search 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 the summarized activity of the current fiscal year. Upon completion, the trial balance tab should a balances. View transaction list Journal entry worksheet 1. 2 4 5 6 7 8 ..... 13 Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s). if any. Notes Entdebisbee credits Account Fitte Credit care View general journal ere to search equirement General Journal General Ledger Trial Balance Direct Method Indirect Method sing the income statement, the comparative balance sheet, and the additional information given ab he summarized activity of the current fiscal year. Upon completion, the trial balance tab shou alances. View transaction list Journal entry worksheet here to search Requirement General Journal General Ledger Trial Balance Direct Method Method Using the income statement, the comparative balance sheet, and the additional information given above the summarized activity of the current fiscal year. Upon completion, the trial balance tab should balances. View transaction list Journal entry worksheet Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits Jun 30 Clear Entry View general journal Recent General Ledger > here to search Su 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, the summarized activity of the current fiscal year. Upon completion, the trial balance tab should age balances. View transaction list Journal entry worksheet Reconstruct the entry to record the retirement of the $43,000 note payable at its $43,000 carrying (book) value in exchange for cash. Note: Enter debts before credit Credit Recorder Cherry View general jouma Recrement General Ledger > ere to search NE NU U cional information given the summarized activity of the current fiscal year. Upon completion, the trial balance tab sh balances. View transaction list Journal entry worksheet ere to search Requirement Journal Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given the summarized activity of the current fiscal year. Upon completion, the trial balance tab sho balances. View transaction list Journal entry worksheet here to search 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 the summarized activity of the current fiscal year. Upon completion, the trial balance tab should balances. View transaction list Journal entry worksheet here to search 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. the summarized activity of the current fiscal year. Upon completion, the trial balance tab should as balances. View transaction list Journal entry worksheet 1. ..... 6 7 8 9 10 11 Close all expense accounts to income summary. O Entur debits before credit Acoount Title Recorder Cerent View general journal General Ledger > ere to search 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, the summarized activity of the current fiscal year. Upon completion, the trial balance tab should an balances. View transaction list Journal entry worksheet .... 6 7 8 9 10 11 Close Income Summary to Retained Earnings. Rodenty View general journal here to search 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 Methog account on the General Ledger tab to identify the sources and uses of cash. List cash out values. Unadjusted ONTARIO INC Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities Cash flows from investing activities Increase in inventory Cash paid for equipment used by investing activite w omanding sctvite here to search Requirement General Journal General Ledger Trial Balance Direct Methodl Indirect Method Prepare the operating activities section of the statement of cash flows using the indirect reductions to net cash provided by operating activities as negative values. Unadjusted - ONTARIO 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: here to search