Scenario: You have been hired as a manager for a family-owned agribusiness that specializes in producing and selling organic fruits and vegetables, in addition to a pumpkin patch called Bernbeck Pumpkin Patch. The company has been in operation for the past three years and has experienced steady growth. The owner is interested in evaluating the company's financial performance to make informed decisions for future investments. Using the financial data provided below, prepare an income statement and balance sheet for the company for the year ending December 31, 2022. Leave any unused lines blank. Make sure your work is legible, or it will not be graded. Financial Data: Accounts Payable = $25,000 Accounts Receivable = $50,000 Accrued Expenses = $8,750 Advances = $0 Bad Debt = $1,450 Cash/Checking = $75,000 Common Stock = $179,974 Cost of goods sold for Pumpkin patch = $13,500 Cost of Organic Produce = $65,000 Decrease in Accounts payable = $5000 Decrease in accrued expenses = $5000 Delivery/Freight expense = $24,300 Depreciation on Equipment = $6000 Depreciation on Processing/Shipping Facilities = $20,000 Discounts of $20,000 Equipment = $60,000 Full-time salary expense = $120,000 Important notes: no Change in Common Stock Increase in Accounts receivable = $2500 Insurance expense = $13,200 Interest Expense = $16,765 Inventory = $75,000 Land = $350,000 Miscellaneous expenses = $3,025 Mortgage = $185,000 No returns or allowances Notes receivable = $0 Office expenses = $740 Organic fruits and vegetables sales = $457,000 Other Assets = $0 Other Revenue = $5000 Owner's Draw = $65,000 Owner's Equity (Beginning of Year) = $503,918 Part-time salary expense = $26,520 Processing/Shipping Facilities = $200,000 Promotion expense = $8,500 Pumpkin patch sales = $63,000 Utility expense = $16,300 Retained Earnings = $385,276 Taxes = $43,368

Scenario: You have been hired as a manager for a family-owned agribusiness that specializes in producing and selling organic fruits and vegetables, in addition to a pumpkin patch called Bernbeck Pumpkin Patch. The company has been in operation for the past three years and has experienced steady growth. The owner is interested in evaluating the company's financial performance to make informed decisions for future investments. Using the financial data provided below, prepare an income statement and balance sheet for the company for the year ending December 31, 2022. Leave any unused lines blank. Make sure your work is legible, or it will not be graded. Financial Data: - Accounts Payable =$25,000 - Interest Expense =$16,765 - Accounts Receivable =$50,000 - Inventory =$75,000 - Accrued Expenses =$8,750 - Land =$350,000 - Advances =$0 - Miscellaneous expenses =$3,025 - Bad Debt =$1,450 - Mortgage =$185,000 - Cash/Checking =$75,000 - No returns or allowances - Common Stock =$179,974 - Notes receivable =$0 - Cost of goods sold for Pumpkin patch - Office expenses =$740 =$13,500 Organic fruits and vegetables sales = - Cost of Organic Produce =$65,000$457,000 - Decrease in Accounts payable =$5000 - Other Assets =$0 - Decrease in accrued expenses =$5000 - Other Revenue =$5000 - Delivery/Freight expense =$24,300 - Owner's Draw =$65,000 - Depreciation on Equipment =$6000 Owner's Equity (Beginning of Year) = - Depreciation on Processing/Shipping \$503,918 Facilities =$20,000 - Part-time salary expense =$26,520 - Discounts of $20,000 - Processing/Shipping Facilities = - Equipment =$60,000 - Full-time salary expense =$120,000 - Promotion expense =$8,500 - Important notes: no Change in - Pumpkin patch sales =$63,000 Common Stock - Utility expense =$16,300 - Increase in Accounts receivable = - Retained Earnings =$385,276