With the following data prepare a statement of income and
With the following data, prepare a statement of income and a statement of financial position. You will have fill in the missing financial statement accounts.
Cost of sales ............ $ 700,000
Profit for the year.......... 65,000
Share capital............. 500,000
Long-term borrowings ........ 800,000
Total current assets ......... 500,000
Gross profit ............ 300,000
Distribution costs.......... 200,000
Total equity............. 1,100,000
Total assets.............. 2,500,000
Total current liabilities........ 600,000

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