prepare an Income Statement and Balance Sheet.

		Balance
Account Name		Db	Cr
Accounts Payable			3,000
Accounts Receivable		5,000
Accrued Expenses			15,000
Accumulated Depr. Equipment			5,000
Building		100,000
Capital Stock			#######
Cash		50,000
Cost of Goods Sold		10,000
Equipment		50,000
Income Tax Payable			1,000
Land		50,000
Long Term Debt			75,000
Long Term Investments		100,000
Marketing Expenses		8,000
Merchandise Inventory		2,500
PrePaid Expenses		3,000
Rent Expenses		1,500
Research & Development Expense		2,000
Retained Earnings			18,500
Salary Expenses		5,000
Sales			25,000
Sales Expenses		5,000
Travel Expenses		500
		$392,500	#######

Answer rating: 100% (QA)

Income statement for the period Revenues Sales 25000 Total 25000 Expenses Cost of Goods so... View the full answer