Self-Assessment Quiz Using the following financial information, create an income statement reflecting business activity during the year, and a balance sheet reflecting the firm's end-of-year financial position. Financial Information All values are end-of-year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning-of-year Inventory 50,000 Beginning-of-year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion of Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000 Interest Expense 15,000 Long Term Debt (excluding current portion) 120,000 Net Sales 400,000 Operating Expenses (excluding depreciation) 40,000 Purchases 250,000 Tax rate 40%