You are required to develop the income statement and balance sheet for Apparel Limited. Use the accounts listed below to construct the statements.

Apparel Limited

Use these for the Income Statement:

Insurance Expenses $12,000$

Interest Expenses $8,500$

Net Sales $1,250,000$

COGS $120,000$

Advertising Expense $90,000$

Salaries $170,000$

Utilities $8,500$

Use these for the Balance Statement:

Cash $835,000$

Accounts Receivable $120,000$

Notes Receivable $45,000$

Land $1,200,000$

Buildings $1,100,000$

Equipment & Vehicles $700,000$

Accounts Payable $55,000$

Short$-$Term Notes Payable $15,000$

Notes Payable $($Long$$Term$)90,000$

Bonds Payable $40,000$

Common Stock $2,200,000$

Retained Earnings $1,600,000$