Financial Statement Given the Financial Statement information listed below: Balance Sheet A = Asset Last name: 1. Prepare an Income Statement. Balance Sheet L= Liability 2. Prepare a Balance Sheet. Balance Sheet Eq = Equity Balance Sheet Ex = Expense Income Statement O Ex = Other Expenses Income Statement O = Otner Balance Sheet No. Description Amount Current Assets: Classification A, L, Eq, Ex 1 Sales $35,500.00 2 Cost of Goods Sold $14,200.00 Cash $25,500.00 A 4 Repair Revenue $3,850.00 Building $25,000.00 A Fixed Asets: Accounts Payable (60 days) $3,000.00 L 7 Bad Debt Expense/yr $175.00 O Ex 8 Short Term Loan (Payable) $1,000.00 L Short Term Loan (Payable) $1,000.00 L 9. Interest Rates/yr $1,600.00 O Ex 10 Bank Account Fees/yr $15.00 O Ex 11 Inventory $14,500.00 A 12 Insurance Expense/yr $500.00 O Ex 13 Truck $8,000.00 A 14 Long Term Loan (payable) $17,000.00 L 15 Cost of Bicycle Parts $1,625.00 Income Statement 16 Land $10,000.00 A 17 Repair Expenses $1,100.00 18 Owners Investment $60,000.00 Eq 19 Tools & Tooling Expenses/yr $50.00 O Ex 20 Income Tax/yr $4,500.00 O Ex 21 Accounts Payable (90 days) $2,000.00 L Given the financial statement information listed below;. 1. Prepare an income statement (using the format described in your Lecture class). 2. Prepare a balance sheet (using the format described in your Lecture). The Mech-Tech Bicycle Company financial information Sales $35500 Inventory $14500 Cost of Goods Sold $14200 Insurance Expense $500 Cash $25500 Truck $8000 Long Term Loan (Payable) Repair Revenue $3850 $17000 Building $25000 Cost of Bicycle Parts $1625 Accounts Payable (60 $3000 Days) Land $10000 Bad Debt Expense $175 Repair Expenses $1100 Short Term Loan $1000 Owners investment $60000 (Payable) Interest Expenses $1600 Tools & Tooling $50 Expenses Income Tax $4500 Accounts Payable (90 Days) Bank Account Fees $15 $2000