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Question 4 Your friend James Smith, knowing that you are a 'top gun' accounting student, has asked you to prepare a balance sheet and a statement of comprehensive income from the following information. Items Amount ($) Salaries expense 1236 Cash sales 132000 Insurance expense 932 Cost of supplies used to make 32400 cash sales Equipment 3200 Electricity and telephone 9560 expense Accounts payable 14020 Bank overdraft 2300 Wages expense 38900 Land and buildings 125000 Vehicles 23230 Mortgage on land 23000 Tax payable 5000 Shareholder's equity 58138 Required Prepare an Income Statement and balance sheet