Question: 7. Draft a balance sheet and income statement using the following accounts: Sales A/R Cost of Goods Sold Bank loan Retained Earnings $170,000 $700,000 $30,000
7. Draft a balance sheet and income statement using the following accounts: Sales A/R Cost of Goods Sold Bank loan Retained Earnings $170,000 $700,000 $30,000 $100,000 $600,000 Cash $25,000 A/P $300,000 Inventory $400,000 Selling Expenses $25,000 Exchange gain $10,000
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