STREAMLINE INC. Sheets Compa Tune 30, 2017and 2016 2017 2016 Assets $100,200 73,000 63,000 4,900 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) Cash Accounts rece ivable, net Inventory Prepaid expenses Total current assets 241,100 Equipment Accum. depreciation-Equipment 147,000 (36,000) $352,100 $319,200 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 26,000 32,000 17,000 5,200 54,200 65,000 119,200 7,000 4,700 37,700 33,000 Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings 70,700 170,000 30,000 240,000 41,400 $352,100 Total liabilities and equity $319,200 STREAMLINE INC Income Statement For Year Ended June 30, 2017 $772,000 472,000 300,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $66,000 74,000 140,000 160,000 Other gains (losses) 2,900 162,900 equipment Income before taxes 1 of 1 Prey Next For Year Ended June 30, 2017 Sales $772,000 472,000 300,000 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $66,000 74,000 140,000 160,000 Other gains (losses) Gain on sale of equipment 2,900 162,900 Income before taxes 49,860 $113,040 Income taxes expense Net income 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 General General Indirect Trial Balance Requirement Direct Method Journal Ledger 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, 2017 balances. View transaction list Journal entry worksheet 4 1 2 3 5 6 7 8 13 Prey 1 of 1 Next Unadjusted STREAMLINE INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Prev 1 of 1 Next General Ledger Indirect Method General Journal Direct Method Trial Balance Requirement Prepare the operating activities section of the statement of cash flows using the in direct method. Enter reductions to net cash provided by operating activities as negative values. Unadjusted STREAMLINE INC Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Indirect Method Direct Method Prev 1 of 1 Next