critical thinking exercise 173 PREPARING FINANCIAL STATEMENTS As the accountant for Wheatley International, it is your job to prepare the company's income statement and balance sheet. Use the accounts listed below to construct the statements. Assume that the tax rate is 25%. The formula for the The formula for the balance sheet is: Wheatley International Balance Sheet December 31, 202X ASSETS Current Assets Cash Accounts Receivable Notes Receivable Ending Inventory Total Current Assets Fixed Assets Land Buildings Equipment \& Vehicles Depreciation - (Deduct) Total Fixed Assets Other Assets Goodwill Total Other Assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable Short-Term Notes Payable Total Current Liabilities Long-Term Liabilities Notes Payable (Long-Term) Bonds Total Long-Term Liabilities Total Long-Term Liabilities TOTAL LIABILITIES Owner's Equity Common Stock Retained Earnings TOTAL OWNERS EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUTTY