1. The information below was obtained from the records of Spurs Inc. Required: Build a Balance Sheet and Income Statement for 12/31/2019 12/31/2019 12/31/2018 Accounts Payable 25.00 225.00 Accounts Receivable 2,000.00 1,241.00 Accumulated Depreciation (225.00) (200.00) Building 1,200.00 1,200.00 Cash 500.00 300.00 2ost of Goods Sold 125.00 250.00 Current Maturities of Long Term Debt 35.00 32.00 Depreciation Expense 25.00 25.00 Equipment 450.00 450.00 general and Admin Expenses 72.00 68.00 Interest Expense 5.36 6.79 Merchandise Inventory 2,706.00 2,258.00 Long Term Debt 118.00 150.00 12.00 Notes Payable due in less than a Year Pre-Paid Advertising 92.00 65.00 30.00 15.00 Pre-Paid Advertising Expense 605.45 578.50 Sales Revenue 73.10 44.88 Taxes (21%) INCOME STATEMENT Sales Revenue COS Gross Profit Period Ending 12/31/2019 16o5.45 125 1480.45 G As of BALANCE SHEET 12/31/2019 Cash 500.00 Accounts Receivable 2000 Merchandice invitator 2010 L Buildin 12.00 Eauionnent 450 Arnold Date LL22 Ne 42- Total Assets LoL021 2 .0 AMD Admih v Genre Total Operating Expenses Operating Profit 25.00 A/P Nbles no Le poulable Net Income Before Taxes Lincome Tax exp Net Income Total Liabilities 2 OD Common Stock 1,800.00 Total Equity Total Liabilities and Equity 25.00