• Based on the scenario below, you will complete a Balance Sheet. Read the scenario. Identify pertinent information and use it to fill in numbers on the Balance Sheet below. Not all information may be necessary to complete the statement. Leave any unnecessary boxes empty. Please round all figures to whole dollars. You may need to use scratch paper. You will need these files to complete this: Wally Widget Income Statement Wally Widget Cash Flow Statement Balance Sheet blank form Wally started a weekend widget stand on his landlord’s front lawn with a $2000 inheritance (owner investment). He relied on his brightly-colored stand, drive-by traffic, and word-of-mouth to attract customers. The stand has a market value of $500. Wally paid his landlord $15 up front for a year of lawn space and spent another $150 on the stand, which has a lifespan of 4 years. The city heard about his scheme and charged him $30 for a permit. In his first year of business, Wally acquired 1000 widgets for $1.00 each and sold all but 50 of them at 80% markup. Due to a defect in some of the product, he discounted a total of $10. Additional costs included $30.00 in UPS bills and $10.00 for 1000 bags. Sales tax amounted to $106. The Marginal Tax Rate (MTR) is 25%. Based on the given Wally’s Widgets scenario, fill in the numbers below. DO NOT use the dollar sign, numbers only, no decimals. Make sure to include parenthesis when necessary. Wallys Widgets Balance Sheet For the year ended December 31, 20xx Assets Current Assets Cash and Equivalents Accounts Receivable Ending Inventory (at cost) Total Current Assets Long-term Assets Property, Plant and Equipment Less Accumulated Depreciation Other Assets Total Long-Term Assets Total Assets Liabilities and Owners Equity Current Liabilities Accounts Payable Employment Taxes Payable Income Taxes Owed (2010) Notes Payable Total Current Liabilities Long-term Liabilities Long-term Debt Other Long-term Liabilities Total Long-term Liabilities Total Liabilities Owners Equity Owner Capital (1/1/2010) Owner Capital Paid in 2010 Net Income After Taxes for the Year Less Owner Withdrawals Total Owners Equity Total Liabilities and Owners Equity