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 Cost 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 Notes Payable due in less than a Year 12.00 Pre-Paid Advertising 92.00 65.00 Pre-Paid Advertising Expense 30.00 15.00 Sales Revenue 605.45 578.50 Taxes (21%) 73.10 44.88 As of 12/31/2019 500.00 INCOME STATEMENT Period Ending 12/31/2019 BALANCE SHEET Cash Gross Profit Total Assets Total Operating Expenses Operating Profit A/P 25.00 Net Income Before Taxes Net Income Total Liabilities Common Stock 1,800.00 Total Equity Total Liabilities and Equity