6 3 Problem 1 15 points Use the information below to construct a Balance Sheet using the correct format. Each line will be worth .5 points and each calculation will be worth 1 points. s Show your work in the cell to receive partial credit on the calculation portion. 7 Accounts Payable $80 & Accounts Receivable $160 9 Fixed Assets $740 10 Inventory $200 11 Long-term Debt $540 12 Additional Paid In Capital $215 13 Retained Earnings $500 14 Total Assets $1 675 15 Total Liabilities $675 16 Cash 17 Notes Payable 18 Par Common Stock 19 Total Current Assets 20 Total Current Liabilities 21 Total Equity 22 Total Liabilities & Equity 23 Problem 2 11 points 24 Use the information below to construct a correctly formed income statement. Each correct line is worth.5 points and each calculation is worth 1.5 points. 25 Show your work in the cell to receive partial credit on the calculation portion. Hint: You should have 10 lines on your Income Statement 26 27 Cost of Goods Sold $950 28 Depreciation $85 29 Gross Profit 30 Interest Expense $75 31 Operating Income 32 Sales/Revenue $1 750 33 Selling & Administrative Expense $400 34 Taxable income 35 Taxes $127 36 Net Income 37