Use the data below to do the following:

$-$Indicate next to each item if it belongs on the income statement, balance sheet or neither

$-$Indicate next to each item if it is income, expense, asset, liability, owners equity or other.

$-$create an income statement. For full credit, the income statement should have subtotals for Gross Profit, Operating profit and net profit.

$-$create a balance sheet. For full credit, the balance sheet should have subtotals for Current Assets, Fixed Assets, Total Assets, Current Liabilities, Long Term Liabilities, Total Liabilities, Total Owners Equity and Total Liabilities and Owners Equity

March Income Statement Balance Sheet or N$/$A $///$ Income Expense asset liability owners' equity other

Depreciation Expense $ $2,083$

Income Taxes $ $4,319$

Interest Expense $ $1,875$

Owners$$ Salary $ $5,000$

Inventory $ $30,000$

Accounts Payable $ $22,000$

Equipment $ $80,000$

Accumulated Depreciation $ $40,000$

Transportation Expense $ $7,500$

Rent $ $1,200$

Wages $ $10,000$

Net Revenue $ $90,000$

Sales Staff Salary $ $5,000$

Utilities Expense $ $1,350$

Payroll and Accounting $ $1,200$

Marketing $ $4,500$

Cost of Service $ $30,000$

Cash $ $23,000$

Accounts Receivable $ $8,000$

Retained earnings $ $(12,000)$

Long Term Note Payable $ $20,000$

Long Term Loan $ $120,000$

Owner's Equity Investment $ $176,000$

Land $ $50,000$

Buildings $ $175,000$