Prepare a Income Statement and Balance sheet as of March 31, 2022, for Gulf Business Machines from the following information.

Inventory $110,000

Plant and equipment 211,000 Accounts Payable 65,000 Bank Loan 110,000 Share capital 247,000 Sales 194,000 Selling, General and Administration Expense 32,000 Cash 100,000 Accounts receivable 90,000 Accumulated Depreciation 44,000 Short term Liabilities 45,000 Cost of Goods Sold 70,000 Depreciation Expense 16,000

Interest Expense 4,000

Taxes 15,000