Pre-work: Balance sheet and income statement construction Balance Sheet Moon Company Below you will find the items for the balance sheet for Moon Company for the period ended December 31, 2019. Construct the balance sheet. Use the blank excel provided to create your financial statements and be sure to follow all of the formatting conventions used in Bovee et al, including headings, alignment (see p. 415). Hint: your balance sheet should balance; Assets should equal Liabilities and Shareholder's Equity. Moon Company Period ended December 31, 2019 Land Accounts payable Interest payable Accounts receivable Common Stock Cash Loan Taxes payable Inventory Prepaid rent Furniture & fixtures Salaries/wages payable Buildings & improvements Accumulated depreciation Retained earnings General equipment $113,000 $43,257 $15,489 $65,400 $74,000 $156,000 $323,000 $11,300 $97,000 $8,400 $58,000 $26,000 $134,000 $87,000 $116,754 $65,000 Income Statement Lion General Store Below you will find items for the income statement for Lion General Store for the year ending July 31, 2020. Assuming a tax rate of 20%, construct an income statement for this business. Use the blank excel provided to create your financial statements and be sure to follow all of the formatting conventions used in Bovee et al, including headings, alignment (see p. 415). Hint: values are provided below that will help you "check your work. Lion General Store (in US$) Selling expenses Net operating profit Other income Cost of goods sold Sales Returns and Allowances Gross profit Gross sales General expenses Other expenses $118,600 163,120 4,300 438,765 6,524 320,077 765,366 36,957 1,400 Balance Sheet Income Statement ASSETS Current Assets Total Current Assets Fixed Assets Total Fixed Assets Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Total Current Liabilities Long-Term Liabilities Total Long-Term Liabilities Total Liabilities Shareholder's Equity Total Shareholders' Equity Total Liabilites and Shareholders' Equity Balance Sheet Income Statement Revenues Net Sales Cost of Goods Sold Total Cost of Goods Sold Gross income (profit) Operating Expenses Total Operating Expenses Net Operating Profit Other income Net Income Before Income Taxes Less: Income Taxes Net Income After Taxes