Polyphemus Univision Hospitality Products (PUHP) provides the financial data set out below. Permanent and temporary account balances are from fye 2017 and fy 2018 respectively.

Prepare, in good form, 2018 balance sheet and income statement.

Accounts Payable (AP) 34,000 Accounts Receivable (net) 77,602 Accumulated Depreciation (100,000) Cash 40,000 COGS Common Stock 120,000 Depreciation Gross Profit Inventory 58,000 Net Income Operating income (EBT) PPE 500,000 Retained Earnings Revenues 920,000 SG & A 170,000 Tax Expense 38,650

The 2018 Gross Profit Margin was 38.0%. 2) The PPE had been purchased on 12/31/2013 and had an estimated life of 20 years. PUHP accountants depreciate it SLN with zero salvage. No PPE was sold or acquired during 2018. 3) The company purchased $610,000 of inventory on vendor credit terms and settled $602,000 of that amount during the year. 4) No common stock was issued or acquired during 2018. PUHP declared and paid $40,020 of dividends. 5) The accounts receivable turnover ratio was 12.5.