• Enter the following information to create April’s Income Statement and Balance Sheet:

• Gross Sales: 500,000
• Sales Returns and Allowances: 1,000
• Net Sales (Subtract Sales Returns and Allowances from Gross Sales)
• Cost of Goods Sold: 175,000
• Gross Profit (Loss): (Subtract Cost of Goods sold from Net Sales)
• Advertising: 1,250
• Bank Charges: 50
• Dues & Subscriptions: 400
• Insurance: 2,000
• Legal & Professional Fees: 3,200
• Licenses & Fees: 750
• Office Expense: 4,000
• Mortgage Payment $2,000
• Depreciation $500 (Plant & Equipment), $1,000 (Building)
• Payroll Tax Expense: 3,000
• Postage: 450
• Utilities: 3,200
• Vehicle Expenses: 5,000
• Wages: 250,000
• Total Expenses: (Sum all expenses starting in row 16)
• Net Operating Income: [Subtract Total Expenses from Gross Profit (Loss)]
• Cash increased by $1, 500
• Accounts Payable decreased by $1,000
• Accrued Payroll decreased by $500
• Accounts Receivable Increased by $2,200
• Purchase New Equipment worth $43,500