1. Several years ago, Howie Marsh started an art supply store called marshs art. The Store has been very successful, and profits for last year reached a new high. Howie asks you to help him prepare an income statement and balance sheet for the current year (2019) and give you the following information:

Total sales	$1,750,000
Cost of goods sold	?
Salaries expense	$132,000
Rental expense	$86,000
Advertising expense	$19,600
Tax expense	$97,550
Net income	$265,320

Cash	$50,000
Accounts Receivable	$80,000
Inventory	?
Land	$430,000
Total Assets	$740,000
Accounts payable	$60,000
Salaries payable	$20,000
Capital stock	$200,000
Retained earnings, Jan. 1, 2019, beginning period	$194,000

Using the items listed above, prepare (a) an income statement for the year ended Dec 31, 2019 and (b) a balance sheet at Dec. 31, 2019. Be sure to determine the missing values.