Question
Based on the following financial information, construct the balance sheet and income statement below for Tonka Trucking LLC for the year ending December 31, 2019.
Based on the following financial information, construct the balance sheet and income statement below for Tonka Trucking LLC for the year ending December 31, 2019. Be sure to format them as accurately as possible. Accounts Receivable $40,000 Depreciation Expense $50,000 Accumulated Depreciation $200,000 Cost of Goods Sold $50,000 Income Tax Expense $50,000 Cash $50,000 Sales Revenue $400,000 Equipment (Net of Accumulation) $200,000 Selling, General, and Administrative Expenses $100,000 Common Stock (1,000 shares) $100,000 Accounts Payable $50,000 Retained Earnings $200,000 Interest Expense $50,000 Inventory $10,000 Long-term Debt $50,000
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