Create a balance sheet for Dec. 31, 2019. You will need to use the accounting equation to calculate retained earnings.

Sales Revenue: $8,000 - Tax Rate: 25% - Interest Expense: $70 SGA Expenses: $1,300 - Other Revenue: $2,000 R&D Expense: $500 Cash on Dec. 31, 2018: $900 - Accounts Receivable Dec. 31, 2018: $300 - Accounts Payable Dec. 31, 2018: $750 - Inventory Dec. 31, 2018: $200 Cost of Goods Sold: Accounts Receivable Dec. 31, 2019: $150 - Accounts Payable Dec. 31, 2019: $175 - Inventory Dec. 31, 2019: $800 - Total Expenses: $5,200 - Accrued Liabilities: $550 - Long-Term Debt: $700 - Long-Term Debt Currently Due: $50 - Common Stock: $5,300 - Property Plant and Equipment: $1,750 - Patents: $475 - Retained Earnings: Sales Revenue: $8,000 - Tax Rate: 25% - Interest Expense: $70 SGA Expenses: $1,300 - Other Revenue: $2,000 R&D Expense: $500 Cash on Dec. 31, 2018: $900 - Accounts Receivable Dec. 31, 2018: $300 - Accounts Payable Dec. 31, 2018: $750 - Inventory Dec. 31, 2018: $200 Cost of Goods Sold: Accounts Receivable Dec. 31, 2019: $150 - Accounts Payable Dec. 31, 2019: $175 - Inventory Dec. 31, 2019: $800 - Total Expenses: $5,200 - Accrued Liabilities: $550 - Long-Term Debt: $700 - Long-Term Debt Currently Due: $50 - Common Stock: $5,300 - Property Plant and Equipment: $1,750 - Patents: $475 - Retained Earnings