0 Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 The following information applies to the questions displayed below The following financial statements and additional information are reported. 12 Comparative Balance Sheets June 30, 2017 and 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum, depreciation-tquipment otal assets $98,500 $ 59,000 66,000 78,800 109,000 87,500 270,700 139,000 8,400 242,400 130,00 (34,500) 16,500) 375,200 $355,900 Liabilitles and Equity Accounts payable ages payable Incone taxes payable Total current 1iabilities Notes payable (long term) Total Habilities tquity Common stock, $5 par value Retained earsings Total liabilities and equity 40,000 52,500 ,50018,00 52,400 45,000 77.300 5.000 7,400 152,30 250,000175,000 22 80028,600 5375,200 5355.900 Incone Statement Sales Cost of goods sold Gross profit Operating expenses 753,0 426 000 ,000