Question

Using this Company's information, please create a

1. Balance Sheet and Income Statement

Note: Please create these statements for the year 2018 only

	2017	2018
Accounts Payable	$81,000	$66,000
Accounts Receivable	$110,000	$128,000
Accumulated Depreciation, PP&E	$290,000	$356,000
Cash and Cash Equivalents	$62,000	$54,000
Common Stock	$415,000	$425,000
Cost of Goods Sold	$359,000	$368,000
Depreciation Expense	$62,000	$66,000
Dividends	$20,000	$25,000
Income Tax Expense	$18,000	$23,000
Interest Expense	$44,000	$44,000
Inventory	$48,000	$55,000
Long-Term Notes Payable	$850,000	$810,000
Patents	$678,000	$712,000
PP&E	$875,000	$925,000
R&D Expense	$141,000	$135,000
Retained Earnings	$137,000	$217,000
Revenues	$845,000	$912,000
SG&A Expense	$158,000	$171,000

Answer 1

Income Statement
Particulars	Amount($)	Amount($)
Net Sales	912000
Less: Cost of goods sold	368000
Gross profit		544000
Less: Depreciation	66000
R&D	135000
S,G &A	171000
EBIT		172000
Less: Interest	44000
Earnings before tax		128000
Less: Taxes	23000
Net Income		105000
Less: Dividends paid		25000
Additions to retained earnings		80000

Balance Sheet
LIABILITIES AND EQUITY	Amount($)	Amount($)	ASSETS	Amount($)	Amount($)
Current liabilities			Current Assets
Accounts payable	66000		Cash	54000
			Accounts receivable	128000
Total current liabilities		66000	Inventory	55000
			Total current assets		237000
notes payable		810000
Total liabilities		876000	Gross PPE	925000
Common stock	425000		Less: Accumulated dep	356000
Retained earnings	217000		Net Fixed assets		569000
Total Equity		642000	Patents		712000
Total liabilities and equity		1518000	Total assets		1518000