Income statement

Using the data below, construct the 2005 Income Statement, statement of Retained Earnings and Balance Sheet on Excel. Submit your work on Canvas. Long-term debt $ 750 Common Stock $ 130 Accruals $ 140 Cash $ 10 Notes Payable $ 110 Accounts Receivables $ 375 Inventories $ 615 Accounts Payable $ 60 Net fixed assets $ 1,000 Number of units sold $ 300 Unit sales price $ 5.00 Interest $ 88 Corporate tax rate $ 40% Dividends $ 57.50 Depreciation $ 100 2004 Retained Earnings $ 750.00 Market price per share $ 23.06 Fixed Cost 1, 416.20 Variable cost per unit $ 2.00 Things to note: Operating costs = Total Fixed costs + Total Variable costs Sales revenue = Number of units sold times unit sales price Total variable cost = Number of units sold times variable cost per unit