Chapter 17 discusses accounting which is the recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties with the information they need to make good decisions. Source: Nickels Your assignment is to prepare the income statement and balance sheet for Ram-o-fun International. Use the accounts listed below to construct the statements. List of Accounts for RAM-O-FUN International FOR INCOME STATEMENT Insurance Expenses 40,000 Interest Expenses 14,000 Net Sales 1,100,000 COGS 99,400 Advertising Expense 190,000 Salaries 180,000 Utilities 6,800 FOR BALANCE SHEET Cash 800,000 130,000 45,000 Accounts Receivable Notes Receivable Land Buildings Equipment & Vehicles 1,000,000 1,050,000 650,000 45,000 Accounts Payable Short-Term Notes Payable 10,000 Notes Payable (Long-Term) Bonds Payable 105,000 40,000 Common Stock 1,975,000 Retained Earnings 1,500,000