2-1A. (Review offinancial statements) Prepare a balance sheet and income statement as of December 31, 2003, for Belmond, Inc., from the following infomlation.

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Inventory $ 6,500 General and administrative expenses 850 Common stock 45,000 Cash 16,550 Operating expenses 1,350 Notes payable 600 Interest expense 900 Depreciation expense 500 Net sales 12,800 "Accounts receivable 9,600 Accounts payable 4,800 Long-term debt 55,000 Cost of goods sold 5,750 Buildings and equipment 122,000 Accumulated depreciation Taxes Retained earnings 34,000 1,440 ?