Problems: 1. 2022

Net fixed assets 5,500

Sales $4,100

Interest expense 450

Dividends 82

COGS 2,300

Cash 150

Depreciation exp. 330

Receivables 415

Current liabilities 1,200

Inventory 850

Long-term debt 3,100

Tax rate 30%

Create an income statement(5) and balance sheet(5) for 2021. Solve for Net income and Total Equity(they are not given, but can be solved by creating the statements. Note. Use only 1 line item for equity