WHEEZER INTERNATIONAL accountant for Wheezer International, it is your job to prepare the company's income statement and balance shee hd balance sheet. Use the accounts listed below to construct the statements. Assume that the tax rate is 25%. List of Accounts for Wheezer International (in dollars) Accounts Payable L Accounts Receivable A Advertising Expense Beginning Inventory Bonds Payable Buildings A Cash A Common StockA Depreciation L Ending Inventory A. Equipment & Vehicles A Goodwill f Insurance Expenses Interest Expenses L Land A Merchandise Purchased (for inventory) Net Sales A Notes Payable (Long-term) L Notes Receivable Rent Retained Earningsta Salaries Short-Term Notes Payable Utilities 45,000 120,600 90,000 154,800 60,000 1,050,000 72,000 1,896,000 400,000 126,600 1,066,000 90,000 54,000 24,600 1,500,000 316,800 1,053,000 210,000 61,200 13,800 1,459,800 180,000 15,600 8,400 Wheezer International Income Statement Fiscal Year (FY) 2017 REVENUES Net Sales COST OF GOODS SOLD Beginning Inventory Merchandise Purchased Cost of Goods Available For Sale Less: Ending Inventory Cost of Goods Sold GROSS PROFIT (GROSS MARGIN) OPERATING EXPENSES Selling Expenses Salaries Advertising Total Selling Expenses General Expenses Insurance Interest Expense Rent Utilities Total General Expenses Total Operating Expenses NET PROFIT (INCOME) BEFORE TAXES Less: Income Tax Expenses (25%) NET INCOME (PROFIT) AFTER TAXES Wheezer International Balance Sheet December 31, 2017 How will you know when you have the right answer? ASSETS Current Assets Cash Accounts Receivable Notes Receivable Inventory Total Current Assets Fixed Assets Land Buildings Equipment & Vehicles Less: Depreciation Total Fixed Assets Other Assets Goodwill Total Other Assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable Short-Term Notes Payable Total Current Liabilities Long-Term Liabilities Notes Payable (Long-Term) Bonds Total Long-Term Liabilities TOTAL LIABILITIES Owner's Equity Common Stock Retained Earnings TOTAL OWNER'S EQUITY TOTAL LIABILITIES & STOCKHOLDERS' EQUITY