Prepare a balance sheet and income statement for Swagman Pty Ltd from the following scrambled list of items: Scrambled list of items for income statement and balance sheet. Q 2.2.1 Required:

(a) Prepare an income statement for Swagman Pty Ltd.

(b) Prepare a balance sheet for Swagman Pty Ltd. c) What can you say about the firms financial condition based on these financial statements?

\begin{tabular}{|l|l|} \hline Depreciation expense & $66,000 \\ \hline Cash & 225,000 \\ \hline Non-current liabilities & 334,000 \\ \hline Sales & 573,000 \\ \hline Accounts payable & 102,000 \\ \hline General and administrative expense & 79,000 \\ \hline Property,plant and equipment & 895,000 \\ \hline Notes payable & 75,000 \\ \hline Accounts receivable & 167,500 \\ \hline Interest expense & 4,750 \\ \hline Accrued expenses & 7,900 \\ \hline Ordinary shares & 289,000 \\ \hline Cost of goods sold & 297,000 \\ \hline Inventory & 99,300 \\ \hline Tax & 50,500 \\ \hline Accumulated depreciation & 263,000 \\ \hline Tax payable & 53,000 \\ \hline Retained earnings & 262,900 \\ \hline \end{tabular}