- Prepare & Discuss Income Statement

- Prepare & Discuss Balance Sheet

The transactions for the Year ending December 31 for The Fitness Center were as follows:

The company had Cash Sales of $750,000 for Membership Fees for the fitness center.

The company had Cash Sales of $400,000 for Personal Trainer Fees for the fitness center.

The company had Cash Sales of $850,000 for Equipment Sales for the distribution center.

The Cost of Goods Sold from the Equipment Inventory for the Equipment Sales was $300,000 for the distribution center.

The company purchased Equipment Inventory on credit (Accounts Payable) in the amount of $500,000 for the distribution center.

The company paid $2,500 Cash for Towel Laundry Expense for the fitness center.

The company paid $250,000 Cash for the CEO Wage Expense.

The company paid $1,500 Cash for Advertising Expense for the fitness center.

The company paid $100,000 Cash for the Sales Salaries Expense for the distribution center.

The company paid $1,500 Cash for Equipment Repair Expense for the fitness center