How do I make the year one income statement and balance sheet?

Adomain Income Statement for Year ended December 31, Year 0 Revenues Sales Revenue $190,500 Expenses Cost of Goods Sold (110,500) (10,000) (2,000) (5,000) (6,000) R & D Expense Sales Commissions Marketing Expense Insurance Expense Other Operating Expenses Income from Operations Interest Income Income before Taxes Income Tax Expense (27,500) $29,500 500 30,000 (9,500) Net Income 20,500 Adomain Balance Sheet As of December 31, Year 0 Assets Cash $100,000 7,700 Marketable Securities Accounts Receivable 25,000 Inventory PP&E (net) 21,000 36,400 11,500 17,000 Land Other Long-Term Assets Total Assets $218,600 Liabilities & Equity Accounts Payable $51,000 Notes Payable Unearned Revenue 39,500 50,000 6,700 Income Tax Payable Common Stock 51,000 20,400 Retained Earnings Total Liabilities & Equity $218,600 Year 1 Transactions for Adomain Transaction # 2 3 4 5 6 7 8 9 10a 10b 11 12 Date January 1 March 31 April 1 April 1 April 1 April 5 May 1 May 1 June 30 July 31 July 31 Sept 30 October 1 October 1 October 1 Dec 1 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Event Paid last year's income tax liability. Sold inventory on account for $157,500 (a). The cost of the inventory was $17,200 (b). Also, paid a sales commission on this sale of $12,600 (c). Prepaid $28,200 for insurance for the next 12 months and recorded the transaction as an asset. Paid $25,500 in cash for equipment (PP&E). Purchased inventory for $26,000. Paid $6,500 in cash and recorded an Accounts Payable for the remaining balance. Received $50,000 in cash related to the receivable recorded on March 31. Paid off accounts payable related to the purchase of inventory on April 1. Received $42,000 in cash in advance for services. The services will be provided over the course of 6 months beginning on Oct 1 of this year. Paid $30,000 in cash for expenses related to new products: $15,700 for research and development of the products (a) and $14,300 for marketing to advertise them (b). Purchased supplies for $14,000 in cash. The accountant accidently debited Accounts Receivable instead of the appropriate account. The accountant recorded an adjustment to correct the entry made in 10a (so that the accounts will reflect what should have been recorded ). Purchased marketable securities for $11,000 in cash. Borrowed $80,000 from a local bank and signed a 5-year note payable promising to pay 6% interest per year (interest is due and recorded on Dec 31). Paid $24,400 in cash to buy a plot of land for use as a parking lot. Issued Common Stock worth $21,000 for cash. Salaries of general officers were $21,000. The company paid $9,000 now and the remainder will be paid on Jan 1, Year 2. Income Tax for Year 1 is $11,600. $9,000 is paid this year and the remainder will be paid on April 1 of Year 2. Record the appropriate adjusting entry related to unearned revenue from May 1 (Transaction 8). Record the appropriate adjusting entry related to the rent described in transaction 3. |$800 of supplies are still on hand on Dec 31. Record the appropriate adjusting entry to reflect the supplies left on hand. (Refer to transaction 10) Record the appropriate adjusting entry related to the note payable described in transaction 12 (assuming interest will be paid in year 2). 13 14 15 16 17 18 19 20