1-retained earnings at December 31, 31 2004 is $234,000

2- sales (all credit sales) are $2.5M

3-days to sell inventory is 20

4-cash on hand is 1% of sales

5-all sales are paid 30 days after purchase

6-noncurrent assets are $1M

7-long term debt to equity ratio is 1

8- all liabilities, other than long term debt, are short term liabilities

9- 20000 shares outstanding issued at $10 in 2004

10- no dividends are paid

11- gross margin is %40

12 net profit margin is %8

13- assume there are 360 days in the year

Need

1- income statement

2- balancesheet