Show all of your work (all of your numbers). I have included tables for you to fill in. If you prefer, you may choose to use the Excel tables provided in the content to submit this homework. However it is your responsibility to ensure that the calculations are correct. You can easily "mess up the calculation formatting depending on how you enter the data. I recommend you have Excel knowledge, or take the time to learn it if you are going to use the tables - run a hand calculation to double-check! 1. Construct an income statement for SB Designs using the following information for 2021: net sales, $356,000; payroll taxes, $15,600; salaries, $82,000; rent, $18,000; COGS, $89,000; utilities, $13,500; insurance, $7,500; and interest expense, $4,100. Assume SB Designs is not a corporation. Using proper format, make sure that you include gross profit, operating expenses, and net profit- see page 69. (50 points) 2. Lorenzo Pizzeria has the following information as of December 31, 2021: cash, $38,000; pizza ovens, $28,500; furniture, $10,000; accounts payable, $5,400; notes payable, $10,000; accumulated depreciation on pizza ovens, $8,500; wages payable, $3,400; taxes payable, $2,150; equipment loan, $3,750; and accumulated depreciation on furniture of $3,000. Construct a balance sheet for Lorenzo. What is Lorenzo's equity? Use proper format and labels - see page 81. (hint: remember Total Assets must equal Total Liabilities plus Owners Equity, if you know 2 of these variables you can calculate the third.) (50 points)