Miss Right would like you to help her organize her financial information into financial statements in preparation for filing income taxes. She has a goat operation that runs approximately 350 does who have kids yearly. She sells the kids to other breeders and the fleece/wool from her goats to an out-of-state fiber mill. She needs to put together Balance Sheets and Income Sheets for the last two yearends - (2017 and 2018). 1. Use the following information to create 1) a Balance Sheet for yearends 2017 and 2018 and 2) an Income Statement for 2018:

1. She buys her feed only once a year to cut down on costs, so she usually has feed in her barn at the end of year. At yearend 2017 the feed left in her barn was valued at $2,500. She got a good deal on feed in 2018 so she purchased quite a bit and had approximately $4,800 left over at the end of the year.

2. She keeps supplies on hand such as vet supplies, milk replacer, shearing supplies, etc. At yearend 2017 these were valued at $900. This increased to $850 at yearend 2018.

3. She uses her checking account at the local bank for all his cash transactions. Her checking account balance as of December 31, 2017 was $9,300, and had decreased by $2,300 the following year.