Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2016. Prepare the 2016 income statement and the balance sheet as of December 31, 2016.

Accounts payable. . . . . . . . . . . . . $ 16,000 Inventory . . . . . . . . . . . . . . . . . . . $ 36,000 Accounts receivable. . . . . . . . . . . 30,000 Land . . . . . . . . . . . . . . . . . . . . . . . 80,000 Bonds payable, long-term . . . . . . 200,000 Goodwill . . . . . . . . . . . . . . . . . . . . 8,000 Buildings. . . . . . . . . . . . . . . . . . . . 151,000 Retained earnings . . . . . . . . . . . . 160,000 Cash . . . . . . . . . . . . . . . . . . . . . . . 148,000 Sales revenue. . . . . . . . . . . . . . . . 500,000 Common stock. . . . . . . . . . . . . . . 150,000 Supplies inventory . . . . . . . . . . . . 3,000 Cost of goods sold. . . . . . . . . . . . 180,000 Supplies expense. . . . . . . . . . . . . 6,000 Equipment . . . . . . . . . . . . . . . . . . 70,000 Wages expense . . . . . . . . . . . . . . 40,000