Prepare an income statement and balance sheet as of December $31,2018,$ for the Choi. Co$.,$ from the

following information: $(10$ points$)$:

Accounts receivable $$120,000$

Machinery and equipment $700,000$

Accumulated depreciation $236,000$

Notes payable $100,000$

Net sales $800,000$

Inventory $110,000$

Accounts payable $90,000$

Long$-$term debt $160,000$

Cost of goods sold $500,000$

Operating expenses $280,000$

Common stock $320,000$

Cash $96,000$

Retained earnings$$prior year $100,000$

Retained earnings$$current year $?$

Answer rating: 100% (QA)

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