Problem 1 15 points Use the information below to construct a Balance Sheet using the correct format. Each line will be worth .5 points and each calculation will be worth 1 points. Show your work in the cell to receive partial credit on the calculation portion. Accounts Payable $80 Accounts Receivable $160 Fixed Assets $740 Inventory $200 Long-term Debt $540 Additional Paid In Capital $215 Retained Earnings $500 Total Assets $1,675 Total Liabilities $675 Cash Notes Payable Par Common Stock Total Current Assets Total Current Liabilities Total Equity Total Liabilities & Equity Problem 2 11 points Use the information below to construct a correctly formed income statement. Each correct line is worth .5 points and each calculation is worth 1.5 points. Show your work in the cell to receive partial credit on the calculation portion. Hint: You should have 10 lines on your Income Statement $950 $85 $75 Cost of Goods Sold Depreciation Gross Profit Interest Expense Operating Income Sales/Revenue Selling & Administrative Expense Taxable income Taxes Net Income $1,750 $400 $127