Prepare a Balance Sheet and an Income Statement, using the information provided below for XYZ Corporation. Item

Prepare a Balance Sheet and an Income Statement, using the information provided below for XYZ Corporation.

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Item Account/Line Item $ Amount 1 Total Current Assets 2 Accounts Payable 48,000 3 Gross Profit 4 Total Current Liabilities 5 Prepaid Expenses & Other Current Assets 3,800 6 Additional Paid-in Capital 23,000 7 Operating Profit 8 Net Property, Plant & Equipment 37,000 9 Marketing Expenses 6,500 10 Total Liabilities and Shareholders' Equity 11 Treasury Stock (11,242) 12 Total Operating Expenses 13 Cash and Cash Equivalents 44,000 14 Interest Expense 10,500 15 Total Liabilities 16 Earnings Before Income Taxes 17 Net Revenue 159,000 18 Goodwill & Other Intangibles 91,000 19 Net earnings 20 Preferred Stock 21 Accruals 49,000 22 General and Administrative Expenses 11,000 23 Accounts Receivable 54,000 24 Interest Income 2,300 25 Cost of Goods Sold 134,000 26 Retained Earnings 32,000 27 Total Assets 28 Common Stock 42 29 Total Non-Operating Expenses, net 30 Income Tax Expense (Benefit) (1,000) 31 Inventories 15,000 32 Long-Term Debt 115,000 33 Other Assets 11,000 34 Total Shareholders' Equity Item Account/Line Item $ Amount 1 Total Current Assets 2 Accounts Payable 48,000 3 Gross Profit 4 Total Current Liabilities 5 Prepaid Expenses & Other Current Assets 3,800 6 Additional Paid-in Capital 23,000 7 Operating Profit 8 Net Property, Plant & Equipment 37,000 9 Marketing Expenses 6,500 10 Total Liabilities and Shareholders' Equity 11 Treasury Stock (11,242) 12 Total Operating Expenses 13 Cash and Cash Equivalents 44,000 14 Interest Expense 10,500 15 Total Liabilities 16 Earnings Before Income Taxes 17 Net Revenue 159,000 18 Goodwill & Other Intangibles 91,000 19 Net earnings 20 Preferred Stock 21 Accruals 49,000 22 General and Administrative Expenses 11,000 23 Accounts Receivable 54,000 24 Interest Income 2,300 25 Cost of Goods Sold 134,000 26 Retained Earnings 32,000 27 Total Assets 28 Common Stock 42 29 Total Non-Operating Expenses, net 30 Income Tax Expense (Benefit) (1,000) 31 Inventories 15,000 32 Long-Term Debt 115,000 33 Other Assets 11,000 34 Total Shareholders' Equity