Use the following financial statements and additional information. STREAM LAUNCH INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 99,900 $ 58,700 73,000 57,000 66,000 92,000 4,600 5,700 243,500 213,400 134,000 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 Sales STREAM LAUNCH INCORPORATED Income Statement For Year Ended June 30, 2019 Cost of goods sold Groce profit (33,000) 124,000 (11,000) $ 326,400 $ 36,000 18,000 $ 344,500 $ 30,000 7,000 4,000 4,400 41,000 58,400 38,000 75,000 79,000 133,400 220,000 160,000 45,500 33,000 $ 326,400 $344,588 $ 713,000 436,000 377 000 Prev 1 of 1