This is ONE MILTI-PART questions.

Please answer ASAP this is due today!!!

Assets Cash DELRAY INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 DELRAY INCORPORATED Income Statement For Year Ended June 30, 2019 Sales. Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2019 $ 84,200 70,000 71,000 5,300 230,500 163,000 (42,000) $ 351,500 $ 71,000 83,000 $ 34,000 7,000 4,100 45,100 45,000 90,100 220,000 41,400 $ 351,500 $ 852,000 521,000 331,000 $ 154,000 177,000 2018 206,600 151,000 (14,000) $ 343,600 $ 47,000 55,000 98,000 6,600 3,900 180,900 55,370 $ 125,530 $ 42,000 17,000 4,600 63,600 90,000 153,600 160,000 30,000 $ 343,600 Additional Information a. A $45,000 note payable is retired at its $45,000 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 $70,000 cash. d. Received cash for the sale of equipment that had cost $58,000, yielding a $3,900 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. ped 1 bok nt 9 ences Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2019 balances. View transaction list 1 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. 2 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. 3 Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. 4 Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), if any. Note : = journal entry has been entered Record entry Clear entry X 13 borating Credit View general journal > ped 1 bok = nt 9 ences Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2019 balances. View transaction list 5 Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any. 6 Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. 7 Reconstruct the entry to record the retirement of the $45,000 note payable at its $45,000 carrying (book) value in exchange for cash. 8 Reconstruct the entry for the purchase of new equipment. Note : = journal entry has been entered Record entry Clear entry EX 13 borating Credit View general journal > ped 1 bok nt 9 ences Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2019 balances. View transaction list 8 $45,000 note payable at its $45,000 carrying (book) value in exchange for cash. Reconstruct the entry for the purchase of new equipment. 9 Reconstruct the entry for the issuance of common stock. 10 Close all revenue and gain accounts to income summary. 11 Close all expense accounts to income summary. 12 Close Income Summary to Retained Earnings. 13 Reconstruct the journal entry for cash dividends paid. = journal entry has been entered Note : Record entry Clear entry EX 13 borating Credit View general journal > a. A $45,000 note payable is retired at its $45,000 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 $70,000 cash. d. Received cash for the sale of equipment that had cost $58,000, yielding a $3,900 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. Requirement No. No. No. As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Unadjusted No. No. No. Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 General Journal Date Cash Debit Inventory Debit General Ledger Equipment Debit Debit Credit Accounts payable Debit Debit Credit Trial Balance Direct Method Credit Income taxes payable Credit Credit Common stock, $5 par value Credit General Ledger Account Balance 47,000 Balance 98,000 Balance 151,000 Balance 42,000 Balance 4,600 Balance No. No. No. No. No. Indirect Method No. Date June 30 Date June 30 Date June 30 Date June 30 Date June 30 Accounts receivable, net Credit Accumulated depreciation - Equipment Date Debit Prepaid expenses Debit Debit Credit Wages payable Debit Credit Credit Notes payable (long-term) Debit Credit Retained earnings Debit Credit Balance 55,000 Balance 6,600 Balance 14,000 Balance 17,000 Balance 90,000 Balance a. A $45,000 note payable is retired at its $45,000 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 $70,000 cash. d. Received cash for the sale of equipment that had cost $58,000, yielding a $3,900 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. Requirement General Journal Cash Accounts receivable, net Inventory Prepaid expenses General Ledger Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30, 2019 balance sheet above. Unadjusted Equipment Accumulated depreciation - Equipment Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common stock, $5 par value Retained earnings Total Trial Balance Direct Method Indirect Method DELRAY INCORPORATED Trial Balance June 30, 2021 Account Title $ $ Debit 47,000 55,000 98,000 6,600 151,000 357,600 $ Credit 14,000 42,000 17,000 4,600 90,000 160,000 30,000 357,600 M. Receiver want to the sait vi equipment that has evv, ficiumny a po yan. 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 Cash flows from operating activities: General Ledger Prepare the Statement of Cash flows for the year ended June 30, 2019 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 DELRAY INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from investing activities: Trial Balance Direct Method Cash flows from financing activities: Indirect Method a. A $45,000 note payable is retired at its $45,000 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 $70,000 cash. d. Received cash for the sale of equipment that had cost $58,000, yielding a $3,900 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. Requirement General Journal General Ledger Cash flows from operating activities: Trial Balance Direct 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 DELRAY INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 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 Indirect Method