PLEASE ANSWER ALL THE QUESTIONS IN THE REQUIRED I COULDNT INCLUDE ALL THE PICTURES

Additional Information General Journal tab $-$ Reconstruct the entries to summarize the activity between June $30,2020$ and June $30,2021.$

Direct Method tab $-$ Prepare the Statement of Cash flows for the year ended June $30,2021$ using the direct method.

Indirect Method tab $-$ Prepare the reconciliation to the 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 $30,2021$

balances. incorporating tne cnange in the related Dalance sneet

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.

$5$ 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

Note : $O$ journal entry has been enteredUsing 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 $30,2021$

balances.

$$40,000$ note payable at its $$40,000$ carrying $($book$)$

value in exchange for cash.

$8$ 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.

Note : $=$ journal entry has been entered

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 $$74,000$ cash.

d$.$ Recelved cash for the sale of equipment that had cost $$61,000,$ ylelding a $$4,900$ gain.

e$.$ Prepald Expenses and Wages Payable relate to Other Expenses on the Income statement.

f$.$ All purchases and sales of Inventory are on credit.

Requirement

General

General

Journal

Ledger

Trial Balance

Direct Method

Indirect

Method

Show all imagesShow all images