Saved GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information STREAMLINE INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Acc. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current Ilabilities Notes payable long term) Total liabilities Equity Common stock, 55 par value Retained earnings Total Libilities and equity Slee, 200 73,000 63.000 4.900 241,100 147,000 30,000. $352,100 $ 44,100 57,000 88,888 - 6,18 195,200 136,000 (12.ee) $319,200 $ 32,000 17,00 $ 26,000 7.ee 4.700 37,700 33.000 70,700 5209 54,200 65.000 119,200 240,00 $352,100 170,00 _30.000 $319,200 STREAMLINE INC Income Statement For Year Ended June 30, 2019 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operat e s 5772.00 472.000 300,000 74.00 other gains (losses) Cain on sale of equipment Income before taxes 140.00 160.000 20 5113.000 Additional Information A $33,000 note payable is retired at its $33,000 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 $65.000 cash d. Received cast for the sale of equipment that had ost 554.000, vielasing 32900 gain Prepaid Expenses and Wages Payable relate to other Expenses on the income statement 1. All purchases and sales of inventory are on credin Proy of