Question: Please create income statement and balance sheet from the trial balance below. As of December 31st, 2018 Account Debit Credit Cash $2,000 Account Receivable $700,000

Please create income statement and balance sheet from the trial balance below.

As of December 31st, 2018
Account Debit Credit
Cash $2,000
Account Receivable $700,000
Revenue $700,000
Depreciation Expense $6,000
Rent/Insurance $25,000
Loan Payable $39,500
Equity $250,000
Utilities Expense $4,500
Accumulated Depreciation $6,000
Intangible Asset $55,000
Wage Expense $215,000
R&D Expense $4,125
Account Payable $16,125
Total $1,011,625 $1,011,625

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