Assume that Elyse Rosati is the sole owner of Sweaters 'n Things Company. At the end of the first year of operations (December 31, 2012), the following financial data for the company are available:

Ms. Rosati invested $200,000 in cash to start the business at the beginning of the year and withdrew $58,500 in cash from the business during the year.
Required:
1. Prepare an income statement for the year ended December 31, 2012.
2. Prepare a statement of owner's equity for the year ended December 31, 2012.
3. Prepare a balance sheet at December 31, 2012.

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Cash Accounts Receivable (from customers) Inventories Fixtures and Equipment Accounts Payable (to suppliers) $ 35,000 945,000 52,000 Cost of Goods Sold (expense 746,000 42,500 2,000 $31,500 Nots Payable 79,000 Sales Revenue 140,000 Utilities Expense 71,500Other Expenses