Creating Financial Statements Identify which elements belong in the balance sheet and income statement Create a Classified Balance Sheet and a Multi-step Income Statement Calculate Operating Cash Flow Amount Inventory 6,500 Selling expenses 800 Cash 20,000 Common Stock 150,000 Notes Payable 1,200 Balance Sheet Operating Expenses 1,300 Interest Expense 900 Sales 14,000 Depreciation Expense 850 Accounts Receivable 9,000 Income Accounts Payable 6,000 Cost of Goods Sold 5,000 Statement Gross Plant, Property & Equip 200,000 Accumulated Depreciation 45,000 Taxes 1,300 Retained Earnings ?