Question 1 (22 points) Use the following list of accounts to create an income statement and balance shee Make sure to calculate gross profit, net income and retained earnings. Also label totals, long-term and short-term accounts of the appropriate categories. Cash $ 5,000 Accounts Payable 2,500 Revenue 24,000 Capital stock 9,500 Account Receivable 3,600 Selling Expenses 1,100 Pre-paid insurance 3,200 Notes Payable 8,400 Cost of Goods Sold 15,600 Unearned Revenues 500 Operating Expenses 5,200 Equipment 11,200 DO Format BIU