2-2A. (Review offinancial statements) Prepare a balance sheet and income statement as of December 31, 2003, for the Sharpe Mfg. Co. from the following information.

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Accounts receivable Machinery and equipment Accumulated depreciation Notes payable Net sales Inventory Accounts payable Long-term debt Cost of goods sold $120,000 700,000 236,000 100,000 800,000 110,000 90,000 160,000 500,000 Operating expenses 280,000 Common stock 320,000 Cash 96,000 Retained earnings prior year ? Retained earnings current year ?