1) Winners Industries perform adjusting entries every month but close its accounts only at year end. The Agency's year -end adjusted Trial Balance dated December 31, 2018, appears below.Calculate Income statement and Balancesheet of Winners industries.

ParticularsAmount $

Inventory6,500

General & Admin .Expenses850

Common Stock45,000

Cash16,550

Operating Expenses1,350

Notes Payable600

Interest Expense900

Depreciation Expense500

Net Sales12,800

Accounts Receivable9,600

Accounts Payable4,800

Long Term Debt55, 000

Cost of Goods Sold5,750

Buildings & Equipment1, 22,000

Accumulated Depreciation34,000

Taxes1,440

Retained Earnings15, 250