GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1

Use the following financial statements and additional information.

STREAM LAUNCH INC. Comparative Balance Sheets June 30, 2017 and 2016
	2017				2016
Assets
Cash	$	99,900			$	58,700
Accounts receivable, net		73,000				57,000
Inventory		66,000				92,000
Prepaid expenses		4,600				5,700
Total current assets		243,500				213,400
Equipment		134,000				124,000
Accum. depreciationEquipment		(33,000	)			(11,000	)
Total assets	$	344,500			$	326,400
Liabilities and Equity
Accounts payable	$	30,000			$	36,000
Wages payable		7,000				18,000
Income taxes payable		4,000				4,400
Total current liabilities		41,000				58,400
Notes payable (long term)		38,000				75,000
Total liabilities		79,000				133,400
Equity
Common stock, $5 par value		220,000				160,000
Retained earnings		45,500				33,000
Total liabilities and equity	$	344,500			$	326,400

GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1

Use the following financial statements and additional information.

STREAM LAUNCH INC. Comparative Balance Sheets June 30, 2017 and 2016
	2017				2016
Assets
Cash	$	99,900			$	58,700
Accounts receivable, net		73,000				57,000
Inventory		66,000				92,000
Prepaid expenses		4,600				5,700
Total current assets		243,500				213,400
Equipment		134,000				124,000
Accum. depreciationEquipment		(33,000	)			(11,000	)
Total assets	$	344,500			$	326,400
Liabilities and Equity
Accounts payable	$	30,000			$	36,000
Wages payable		7,000				18,000
Income taxes payable		4,000				4,400
Total current liabilities		41,000				58,400
Notes payable (long term)		38,000				75,000
Total liabilities		79,000				133,400
Equity
Common stock, $5 par value		220,000				160,000
Retained earnings		45,500				33,000
Total liabilities and equity	$	344,500			$	326,400