Please generate an income statement and balance sheet. 2007 is projected to have net sales of 2.7 million. Please please show your work on how everything was calculated

Exhibit 2 Balance Sheet at December 31, 2004-2006, and March 31, 2007 (thousands of dollars) Cash Accounts receivable Inventory Total current assets Property & equipment 2004 S 45 S 187 $.243 $1475 First Quarter 2007 $ 32 $ 290 $ 432 $ 755 Accumulated depreciation Total PP&E, net Total assets $ 187 ( 574) $ 113 2006 $ 23 $ 264 $ 379 $ 666 $ 252 ($134) $ 118 $.784 $ 120 $ 249 $ 14 $ 24 $ 407 2005 $ 53 $ 231 $ 278 $ 562 $ 202 (S 99 $ 103 $ 665 $ 42 $ 214 $ 14 24 $ 294 $ 158 $ 452 $ 213 588 $ 36 $ 149 $ 13 $_24 $ 222 $ 182 $_404 $ 184 $ 588 Accounts payable Line of credit payable Accrued expenses Long-term debt, current portion Current liabilities Long-term debt Total liabilities Net worth $ 252 ($ 142) $ 110 $865 $ 203 $ 250 $ 12 $ 24 $2499 $ 128 $ 617 $ 134 $ 541 $ 243 $ 784 Total liabilities and net worth $ 248 $ 865 4179 Jones Electrical Distribution Exhibit 1 Operating Statements for Years Ending December 31, 2004-2006, and for First Quarter 2007 (thousands of dollars) 2004 2005 2006 Net sales Cost of goods sold Gross profit on sales $1,624 $ 1,304 $_320 $ 272 $ 1,916 $1,535 $ 381 $ 307 $ 30 $ 44 $ 2.242 $ 1,818 $_424 $ 347 31 $ 46 First Quarter 2007 $ 608 $ 499 $ 102 $ 94 S 8 Operating expenseb Interest expense Net income before taxes Provision for income taxes $ 21 $ 15 Net income $ 29 In the first quarter of 2006, sales were $514,000 and net income was $4,000. Operating expenses include a normal level of cash salary for Mr. Jones in all periods