online Review 2016 Reviews MacBook Air PROBLEM M1 objective This part of the problem set is designed to give you a short review of financial accounting by having you complete an income statement and balance sheet. Background Pat knows very little about accounting assembled a list of dollar but spent a few weeks reviewing the limited accounting records available and office. Not amounts by the account categories that were listed in an accounting ledger book located in in nowing any better, Pat simply listed the and the dollar amounts in the which they were discovered, essentially in random order, and gave the list to you. The list of accounts and balances is shown on the following page. Prepare your answers to the following requirements in Packet 2 Using the data in the list assemble an income statement in the space provided in Packet f2. To do this, take the account balances and arrange them in a properly formatted step income statement. Check Figures Net Sales $1,180,036 Gross Profit 506,286 Income from operations 105,808 Total Other Revenues and Expenses 2,173 76,334 Net Income Using the data in the list assemble a balance sheet in the space provided in Packet #2 To do this, take the account balances and arrange them in a properly formatted classified balance sheet. Remember that retained earnings must be updated with the net income (loss) from the income statement you prepared in Requirement 1. Check Figures 251,873 Total Current Assets Total Assets 529,392 Total Current Liabilities 70,527 Total Liabilities 137,077