Construct Financial Statements from Account Data

Barth Company reports the following year-end account balances at December 31, 2019. Prepare the 2019 income statement and the balance sheet as of December 31, 2019

Accounts payable . . . . . . . . . . . . $ 16,000 Inventory. . . . . . . . . . . . . . . . . . .$ 36,000

Accounts receivable . . . . . . . . . . . . 30,000 Land . . . . . . . . . . . . . . . . . . . . . . . . 80,000

Bonds payable, long-term. . . . . . 200,000 Goodwill . . . . . . . . . . . . . . . . . . . . . 8,000

Buildings. . . . . . . . . . . . . . . . . . . . . 151,000 Retained earnings . . . . . . . . . . .160,000

Cash . . . . . . . . . . . . . . . . . . . . . . . . 148,000 Sales revenue. . . . . . . . . . . . . . . 500,000

Common stock . . . . . . . . . . . . . . . .150,000 Supplies inventory . . . . . . . . . . . . .3,000

Cost of goods sold . . . . . . . . . . . . 180,000 Supplies expense . . . . . . . . . . . . . 6,000

Equipment . . . . . . . . . . . . . . . . . . . 70,000 Wages expense . . . . . . . . . . . . . . 40,000