PART B (40 Points) You are the owner of a fidget spinner company, Berkeley Spins. The company owns factory worth $200,000. It owes $160,000 on a 15-year note backed by the factory. It sells to local stores throughout the areas and its accounts receivable is $50,000. It has $10,000 in cash in the bank and carries an inventory of $30,000 worth of fidget spinners. It suppliers are located in China and currently Berkeley Spins accounts payables to the suppliers are $35,000. Last year, you had sales of $230,000. The cost of sales was $83,000 and there were an additional operating and selling expenses of $24,000. Depreciation on your equipment was $6,000 and you paid $17,000 in interest on your outstanding note. You get taxed at a 20%.

1. Please use the information on Berkeley Spins above to complete the Balance Sheet template:

ASSETS	$
Current Asstes
Long Term Assets
TOTAL ASSETS
LIABILITIES	$
Current Liabilities
Long Term Liabilities
TOTAL LIABILITIES
Shareholder Equity

2. Please use the information on Berkeley Apple above to complete the Income Statement template:

SALES
COST OF SALES
OPERATING EXPENSES
DEPRECIATION
INTEREST EXPENSE
TAX @ 25%
INCOME