Your friend John Lock, knowing that you are a 'top gun' accounting student, has asked you to prepare a balance sheet and a statement of comprehensive income from the following information.

Items

Amount ($)

Telephone expense

12360

Cash sales

145840

Insurance expense

3245

Cost of supplies used to make cash sales

65450

Equipment

3200

Electricity expense

9560

Accounts payable

14020

Bank overdraft

2300

Wages expense

38900

Land and buildings

125000

Vehicles

23230

Mortgage

18000

Tax Payable

4500

Shareholder's equity

101285

Account receivable

5000

Required

Prepare income statement and balance sheet