Question: from the following information, construct a simple income statement and a balance sheet: Sales $1,000,000 Finished goods 200,000 long-term debt 300,000 raw materials 100,000 cash

from the following information, construct a simple income statement and a balance sheet:

Sales $1,000,000

Finished goods 200,000

long-term debt 300,000

raw materials 100,000

cash 50,000

cost of goods sold 600,000

accounts receivable 250,000

plant and equipment 400,000

interest expense 80,000

number of shares outstanding 100,000

earnings before taxes 220,000

taxes 100,000

accounts payable 200,000

other current liablities 50,000

other expenses 100,000

equity 450,000

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