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PREPARATION OF INCOME STATEMENT, BALANCE SHEET, STATEMENT OF RETAINED EARNINGS, and STATEMENT OF CHANGES IN FINANCIAL POSITION For December 31, 2001, the balance sheet of Solutions Technology is as follows: 2002 sales were $220,000 and cost of goods sold was 60% of sales. Selling and administrative expense was $22,000. Depreciation expense was 8% of plant and equipment (gross) at the beginning of the year. Interest expense for the notes payable was 10% and interest expense on the bonds payable was 12%. These interest expenses are based on December 31, 1996 balances. The tax rate averaged 20%. Two thousand dollars in preferred stock dividends were paid and $8, 400 in dividends was paid to common stockholders. There were 10,000 shares of common stock outstanding. During 2002, the cash balance and prepaid expenses balances were unchanged. Accounts receivable and inventory increased by 10%. A new machine, an automated pocket setter, was purchased on December 31, 2002, at a cost of $35,000. Accounts payable increased by 25%. Notes payable increased by $6,000 and bonds payable decreased by $10,000, both at the end of the year. The common stock and paid in capital in excess of par accounts did not change. Prepare an income statement for 2002. Prepare a statement of retained earnings for 2002. Prepare a balance sheet as of December 31, 2002. Prepare a Statement of Changes in Financial Position. Indicate whether the change in the asset, liability or equity accounts as a source of use of funds. How was the firm's growth funded