(In trying to answer the question earlier about providing further data, where there was a note made that the sales and cost of goods cannot be the same: this was the info provided just as a basic example. So please feel free to change what you need to make it balanced on the balance sheet and income statement)

Complete the Balance Sheet & Income Statement from the information below on the FSET

Balance Sheet Income Statement Cash Asset Noncash Assets Liabil ities Contrib. Capital + Earned Capital Transaction + Net Income Revenues Expenses 1. Receive $20,000 in exchange for common stock $20,000 $20,000 SO $0 $2.000 $2,000 SO $0! 12. Purchased $2,000 of invertory on credit 3. Sell inventory for $3,000 on credit $3,000 $3,000 $3,000 $3,000 14. Record cost of goods sold in 3 $3,000 $3,000 $3,000 $3,000 5. Collect $3,000 icash from transaction 3 $3,000 -$3,000 SO $0! 1 6. Acquire $5,000 of equipment by signing ja note $5,000 $5,000 SO Soi -$1,000 -$1,000 $1,000 -$1,000 17. Pay wages of $1,000 in cash 8. Pay $5,000 cash on a note payable $5,000 -$5,000 SO SO! 9. Pay $2,000 cash dividend $2,000 $2,000 SO SO SO TOTAL $15,000 $4,000 $2,000 $20,000 $3,000 $3,000 $4,000 -$1,000 Assets $19,000 Liab. &S/E $19,000