Below you will find the items for the balance sheet for Moon Company for the period ended December 31, 2019. Construct the balance sheet. Use the blank excel provided to create your financial statements and be sure to follow all of the formatting conventions used in Bovee et al, including headings, alignment (see p. 415). Hint: your balance sheet should balance; Assets should equal Liabilities and Shareholders Equity. Moon Company Period ended December 31, 2019 Land $113,000 Accounts payable $43,257 Interest payable $15,489 Accounts receivable $65,400 Common Stock $74,000 Cash $156,000 Loan $323,000 Taxes payable $11,300 Inventory $97,000 Prepaid rent $8,400 Furniture & fixtures $58,000 Salaries/wages payable $26,000 Buildings & improvements $134,000 Accumulated depreciation $87,000 Retained earnings $116,754 General equipment $65,000 Income Statement Lion General Store Below you will find items for the income statement for Lion General Store for the year ending July 31, 2020. Assuming a tax rate of 20%, construct an income statement for this business. Use the blank excel provided to create your financial statements and be sure to follow all of the formatting conventions used in Bovee et al, including headings, alignment (see p. 415). Hint: values are provided below that will help you check your work. Lion General Store (in US$) Selling expenses $118,600 Net operating profit 163,120 Other income 4,300 Cost of goods sold 438,765 Sales Returns and Allowances 6,524 Gross profit 320,077 Gross sales 765,366 General expenses 36,957 Other expenses 1,400

ANSWER THE FOLLOWING

Revenues Net Sales Cost of Goods Sold Total Cost of Goods Sold Gross income (profit) Operating Expenses Total Operating Expenses Net Operating Profit Other income Net Income Before Income Taxes Less: Income Taxes Net Income After Taxes