Sharp Mfg Company Balance Sheet Year Ending 12/31/2001 ASSETS Cash Accounts receivables Inventories Total current assets Machinery and equipment Accumulated depreciation Net fixed assets Total assets 2-2A. (Review of financial statements) Prepare a balance sheet and income statement as of December 31, 2003, for the Sharpe Mfg.Co. from the following information. Accounts receivable $120,000 Machinery and equipment 700,000 Accumulated depreciation 236,000 Notes payable 100,000 Net sales 800,000 Inventory 110,000 Accounts payable 90,000 Long-term debt 160,000 Cost of goods sold 500,000 Operating expenses 280,000 Common stock 320,000 Cash 96,000 Retained earnings-prior year ? Retained earnings-current year LIABILITIES & EQUITY Retained earnings-prior year Retained earnings-current year 96,000 ? ? LIABILITIES & EQUITY Liabilities Notes payable Accounts payable Total current liabilities Long-term debt Total liabilities Equity Common stock Retained earnings Prior year Current year Total equity Total liabilities and equity Sharp Mfg. Company Income Statement Year Ending 12/31/2001 Sales Cost of goods sold Gross profits Operating expense Net income (Assume no taxes)