Part III Problem solving (120 points) 1. Constructing Financial Statements from Account Data (40 points) Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. In the income statement and the balance sheet, please enter the account names as well as the balances to the correct parentheses, and calculate the required totals or subtotals. S 5,000 Inventory 7.500 Land $ 9,000 20.000 Accounts payable Accounts receivable Bonds payable, long term Buildings 2.000 15,000 103,000 Cash 50,000 Goodwill 37,790 Retained earnings 12,000 Sales revenue Supplies 37.500 inventory 46.500 Supplies expense 18.500 Ways exponse Common stock Cost of goods sold Equipment 750 1.500 10,000 Barth Company Income Statement For Year Ended December 31, 2011 SU Expenses S > Total expenses Net Income $ Barth Company Balance Sheet December 31, 2011 Assets Liabilities and Equity s Cash Liabilities BIL ) ) 3 Total liabilities Total current assets Equity Total equity 2 ) Total assets Total liabilities and equity