Create an income statement and balance sheet using the data below. Important: double the balance of...

Create an income statement and balance sheet using the data below. Important: double the balance of the Net Sales and make the necessary corrections to balance.

Inputs
Accounts Payable	12,000
Accounts Receivable	10,000
Accruals	10,000
Accumulated Depreciation	100,000
Beginning of year Inventory	50,000
Beginning of year Retained Earnings	120,000
Cash	7,000
Common Stock	121,500
Cost of Goods Sold	200,000
Current Portion - Long Term Debt	1,500
Depreciation Expense	25,000
Dividends	40,000
Gross Property, Plant, and Equipment	400,000
Interest Expense	15,000
Long Term Debt (excluding current portion)	120,000
Net Sales	400,000
Operating Expenses (excluding depreciation)	40,000
Purchases	250,000
Tax rate	40%

Expert Solution

jeff jeffy answered 2 years ago

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