PREPARE AN INCOME STATEMENT AND A BALANCESHEET:

Accounts Payable 850,420.00 Accounts Receivable 1,458,221.00 Accum Dep'n - Bldng 500,000.00 Accum Dep'n - Equipment & Machineries 250,000.00 Accum dep'n - Office Equipment 390,000.00 Advertising Expense 245,000.00 Bad Debts Expense 68,900.00 Benefits Payable 140,000.00 Building 10,000,000.00 Cash ? Common Stock 15,500,000.00 Delivery Expense 130,000.00 Depreciation - Building 250,000.00 Depreciation - Machinery and Equipment 85,000.00 Dividend Income 46,875.00 Estimated Uncollectible Accounts 50,000.00 Goodwill 200,000.00 Insurance - Building 80,000.00 Interest Expense 150,000.00 Interest Income 185,420.00 Investment in SMC 564,890.00 Investment in Jollibee 850,000.00 Land 8,000,000.00 Machineries and Equipment 4,687,952.00 Marketable Securities 854,785.00 Merchandise Inventory, Dec 31 800,000.00 Merchandise Inventory, Jan 1 650,000.00 Notes Payable (4 years) 10,000,000.00 Office Equipment 3,850,000.00 Preferred Stocks 5,500,000.00 Prepaid Supplies 12,365.00 Purchases 2,669,823.75 Purchase Discounts 394,850.00 Purchase Returns 200,000.00 Retained Earnings 3,652,087.00 Salaries Payable 78,522.00 Sales 4,854,225.00 Sales Discounts 388,338.00 Sales Returns 200,000.00 Utilities Payable 75,000.00