Accounts payable $140,000$

Accrued expenses $20,000$

Accumulated depreciation $150,000$

Additional paid$-$in capital $150,000$

Operating expenses $($excluding depreciation expenses$)110,000$

Beginning inventory $100,000$

Cash $???$

Common stock $($$$1\mathrm{.}5$ par$)300,000$

Current portion of L$.$T$.$ debt $10,000$

Depreciation expense $100,000$

Ending inventory $90,000$

Gross fixed assets $400,000$

Gross sales $600,000$

Interest expense $30,000$

Long$-$term debt $($excluding current portion$)300,000$

Materials purchases $210,000$

Net accounts receivables $200,000$

Notes payable $50,000$

Retained earnings $($prior year $2011)250,000$

Returns and allowances $30,000$

Taxes $(\%$ of EBT$)30\%$

Net fixed assets $($prior year $2011)300,000$

Accumulated Retained earnings $($as of $2012)300,000$

Use the following information to construct Husky Corporation$$s Income Statement and Balance

Sheet for Year $2012$