5000 POINTS WILL BE GIVEN FOR A CORRECT ANSWER BY 6:20pm E.T. ACCOUNTS PAYABLE $

Question

5000 POINTS WILL BE GIVEN FOR A CORRECT ANSWER BY 6:20pm E.T.

ACCOUNTS PAYABLE $ 52,000.00
ACCOUNTS RECEIVABLE $ 57,500.00
ADVERTISING $ 5,000.00
BANK CHARGES $ 1,200.00
CASH & CASH EQUIVALENTS $ 85,000.00
OWNER'S EQUITY $ 76,600.00
COST OF GOODS SOLD $ 1,775,000.00
GROSS PROFIT $ 1,725,000.00
INCOME TAX PAYABLE $ 50,000.00
INSURANCE EXPENSE $ 15,000.00
INTEREST EARNED $ 1,200.00
INTEREST PAYABLE $ 2,400.00
INVENTORY $ 425,000.00
LEGAL $ 7,500.00
LESS ACCUMULATED DEPRECIATION $ (375,000.00)
LONG TERM LIABILITIES $ 260,000.00
OTHER ACCRUED EXPENSES PAYABLE $ 12,500.00
PREPAID INSURANCE $ 6,000.00
PRINTING & REPRODUCTION $ 40,000.00
PROPERTY , PLANT & EQUIPMENT $ 1,550,000.00
RENT $ 120,000.00
RETAINED EARNINGS $ 1,235,000.00
SALARIES AND WAGES $ 300,000.00
SALES $ 3,500,000.00
TELEPHONE $ 2,500.00
TOTAL CURRENT ASSETS $ 573,500.00
WAGES PAYABLE $ 60,000.00

Need a Balance Sheet and profit loss statement. this exact question has already been answered but i have some specifications...

3 sections for P&L gross profit, operating expenses, other income. B/S Assets: current

and total, Liabilities: current and long term and Owner

Explanation / Answer

Income statement

Balance sheet

Sales Sales 3,500,000 Other Total Sales 3,500,000 Less Cost of Goods Sold Total Cost of Goods Sold 1,775,000.00 Gross Profit 1,725,000 Operating Expenses Salaries and wages 300,000 Bank charges 1,200 Rent 120,000 Insurance 15,000 Legal 7,500 Telephone 2,500 Advertising 5,000 PRINTING & REPRODUCTION 40,000.00 Total Operating Expenses 491,200 Operating Income 1,233,800 Interest income (expense) 1,200.00 Other income (expense) Total Nonoperating Income (Expense) 1,200 Income (Loss) Before Taxes 1,235,000 Income Taxes Net Income (Loss) 1,235,000

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