Use the following financial statements and additional information. STREAMLINE INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 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, 55 par value Retained earnings Total liabilities and equity $180, 200 73,eee 63,000 4,900 241,180 147,eee (36,089) $352,180 $ 44,100 57,888 88,888 6,180 195,280 136,880 (12,080) $319,200 $ 26,88e 7,ese 4,780 37,700 33, 78,7ee $ 32,800 17,eee 5,280 54,2ee 65,888 119,280 248, see 41,480 $352,120 170,000 30, eee $319,280 3272,28 422,00 Bee, Bed STREAMLINE INC Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $56.ee Other expenses Total operating expenses Other gains losses) Gain on sale of equipment Incore before taxes 168 Bee 168, Boa 2,90 162.se $772,898 422, eee 300, Bee STREAMLINE INC. Income Statement For Year Ended: June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $66,000 Other expenses 74,888 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 140,000 160,000 2,900 162,900 49,860 $113,640 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 1. All purchases and sales of inventory are on credit. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Prepare the Statement of Cash flows for the year ended June 30, 2017 using the Direct Method. Hint Use the Cash T- account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted STREAMLINE INC. Statement of Cash Flows (Direct Method) Requirement General Joumal General Ledger Trial Balance Direct Method Indirect Method Prepare the Statement of Cash flows for the year ended June 30, 2017 using the Direct Method. Hint Use the Cash T- account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. 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 fows from financing activities Prev Next