Question: How do you make a balance sheet from the data set I have enclosed? Extra Credit: Forecast the Annual Income Statement and Balance S Income

How do you make a balance sheet from the data set I have enclosed?

Extra Credit: Forecast the Annual Income Statement and Balance S Income Statement for 1996 Sales 5,500 forecast Cost of Goods Sold Beginning Inventory 587 1st quarter data Purchases 4290 4877 Ending Inventory 717 COGS-Purchases COGS 4160 Gross Profit 1,340 Operating Expenses 1150 Operating Income 186 Purchase Discounts 69.42 Interest Expense Bank Loan 73 11% x avg balan bank loan increa Exisiting Long-Term Debt 20 Profit Before Taxes 162 Provision for Income Taxes 46.43 Net Income 108
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