I could really benefit from an explination of how to do this.

Financial Statement Exercise Prepare a balance sheet and income statement as of December 31, 2021 from the following list of items: a Depreciation expense Cash Long-term debt Sales Accounts payable SG&A expenses Gross fixed assets (PP&E) Short-term notes payable Accounts receivable Interest expense Other current assets Accrued expenses Common stock Cost of goods sold Inventory Taxes Retained earnings Accumulated depreciation Net Income $14.4 10.6 30.0 1,305.0 84.2 249.3 96.4 10.0 224.8 4.0 7.8 26.1 180.0 978.8 191.9 23.5 149.8 51.4 35.0