These items are taken from the financial statements of Sam Smith for 2018. Sam Smith capital 1/1/18 $212,000 Sam Smith Drawing 20,000 Selling expenses 40,000 Equipment 260,000 Accumulated depreciation (equip) 64,000 Accounts payable 21,200 Cash 67,600 Inventory 14,000 Salaries and wages payable 12,000 Sales 272,000 Cost of merchandise sold 80,000 Administrative expenses 56,400 Accounts receivable 56,000 Notes payable (due 12/31/20) 12,800

Create a balance sheet as of December 31 2018