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 cash for the sale of equipment that had cost $54,000, yielding a $2,900 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.

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 $100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $352,100 $ 44,100 57,000 88,000 6,100 195, 200 136,000 (12,000) $319,200 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 26,000 7,000 4,700 37,700 33,888 70,700 $ 32,000 17,000 5,200 54,200 65,000 119,200 240,000 41,480 $352,100 170,000 30,000 $319,200 STREAMLINE INC. Income Statement For Year Ended June 30, 2019 Sales $772,000 Saved x 12-11 STREAMLINE INC Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $66,000 Other expenses 74,000 Total operating expenses $772,000 472,000 300,000 140,000 160,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,900 162,900 49,860 $113, 040 Additional Information a. 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 cash for the sale of equipment that had cost $54,000, yielding a $2,900 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. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Using the income statement, the comparative balance sheet, and the additional information given ab the summarized activity of the current fiscal year. Upon completion, the trial balance tab shou balances. 1 2 3 4 5 6 7 8 ... 13 Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal 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: Enter debits before credits Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Saved lournal entry worksheet Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal ournal entry worksheet - 1 2 3 4 5 6 7 8 ..... 13 Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), if any. Hote: Enter debits before credits Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal ournal entry worksheet 1 2 3 4 5 6 7 8 ... 13 Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any. ote: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Saved urnal entry worksheet Reconstruct the journal entry for income taxes expense, Incorporating the change in the related balance sheet account(s), if any. te: Enter debits before credits Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Saved Journal entry worksheet Saved Journal entry worksheet Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal Saved Journal entry worksheet Saved Journal entry worksheet Saved Journal entry worksheet care le Saved Journal entry worksheet Saved Journal entry worksheet