URGENT! NEED DONE WITHIN AN HOUR. THANK YOU!

PLEASE DO ALL OF IT, DONT FORGET JOURNAL ENTRIES, LAST GUY FORGOT IT

ALSO CHECK IF DIRECT AND INDIRECT ARE CORRECT BUT STILL DO ALL OF IT

THANK YOU AGAIN!

GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. 2018 GREEN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 65, 400 Accounts receivable, net 68,000 Inventory 71,000 Prepaid expenses 6, 200 Total current assets 210, 600 Equipment 202,000 Accum. depreciation-Equipment (51, 000) Total assets $361, 606 Liabilities and Equity Accounts payable $ 34,000 Wages payable 8,000 Income taxes payable 4,900 Total current liabilities 46,900 Notes payable (long term) 45,000 Total liabilities 91, 900 Equity Common stock, $5 par value 220,000 Retained earnings 49, 700 Total liabilities and equity $361, 600 $ 23,600 53,000 98,000 7,800 182,400 187,000 (17,000) $352,400 $ 42,000 19,000 5, 400 66, 400 90,000 156, 400 160,000 36,000 $352,400 GREEN INC. Income Statement For Year Ended June 30, 2019 Sales $1,080,000 Cost of goods sold 661,000 Gross profit 419,000 Operating expenses Depreciation expense $ 91,000 other expenses 107,000 Total operating expenses 198, 000 221,000 other gains (losses) Gain on sale of equipment 7, 700 Income before taxes 228, 700 Income taxes expense 70, 010 Net income $ 158, 690 1 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 $89,000 cash. d. Received cash for the sale of equipment that had cost $74,000, yielding a $7,700 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. General Joumal General Requirement Trial Balance Direct Method Indirect Ledger Method General Journal tab - Reconstruct the entries to summarize the activity between June 30, 2018 and June 30, 2017 Direct Method tab - Prepare the Statement of Cash flows for the year ended June 30, 2019 using the direct method: Indirect Method tab - Prepare the reconciliation to the indirect method. REMUR General Journal > General General Indirect Requirement Trial Balance Direct Method Journal Ledger Method 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 ist Journal entry worksheet Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any, Note: linter debits before credits Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal 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 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 Journal entry worksheet 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 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 Journal entry worksheet General General Requirement Indirect Journal Trial Balance Direct Method Ledger ethod Indirect Method Begin by selecting "Post-closing" from the drop-down menu. Verify L www agrees with the June 30, 2019 balance sheet above. Unadjusted GREEN INC. Trial Balance June 30, 2019 Account Title Credit $ Debit 23,600 53,000 98,000 7,800 187,000 Cash Accounts receivable, net inventory Prepaid expenses Equipment Accumulated depreciation - Equipment Accounts payable Wages payable income taxes payable Notes payable (long-term) Common stock, 55 par value Retained earnings Total 17,000 42,000 19,000 5,400 90,000 160.000 36,000 369.400 369.400 $ General General Requirement Trial Balance Direct Method Indirect Joumal Ledger Method 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 GREEN INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash received from customers 1,065,000 Cash paid for merchandise (642.000) Cash paid for operating expenses (116,400) Cash paid for income taxes (70,510) $ 236,090 Net cash provided by operating activities Cash flows from investing activities: Cash paid for equipment Cash received from sale of equipment (89,000) 24,700 (64,300) Net cash used by investing activities Cash flows from financing activities Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 60,000 (45,000) (144.990) Net cash used by financing activities Net increase in cash Cash balance at prior year-end Cash balance at current year-end $ (129,990) 41.800 23,600 65,400 S General General Indirect Requirement Trial Balance Direct Method Journal Ledger 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 GREEN INC. Statement of Cash Flow (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Net income 158,690 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $ 91.000 Gain on sale of equipment 7,700) Increase in accounts receivable (15,000) Decrease in inventory 27.000 Decrease in prepaid expenses 1.600 Decrease in accounts payable (8,000) Decrease in wages payable (11.000) Decrease in income taxes payable (500) 77.400 236,090 $ Net cash provided by operating activities, using the direct method: 236,090 Congratulations! You have successfully reconciled the two methods.