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  1. business
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  3. create an income statement and a balance sheet fro

Create an income statement and a balance sheet from the information below (this information is...

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Accounting

Create an income statement and a balance sheet from the information below (this information is repeated but remains the same on other questions). Assume that the income tax rate for Peter's cookies is 6% and Peter's cookies does not incur any additional debt, issue any additional stock or distribute any dividends (hint: round up taxes to next whole dollar and net income is equal to retained earnings).
Financial data
\table[[Cash,12,000],[Cost of goods sold,90,555],[Short term debt,100,000],[Sales(revenue),241,055],[Building,175,000],[Long term debt,120,000],[Expenses,73,555],[Inventory,37,955],[Interest expense,6,000],[Equipment,32,733],[Accounts payable,122,000],[Accounts receivable,36,000],[Equity,35,000],[Marketable securities,150,000]]
As of December 31,2012 what is the net income for Peter's Cookies
$88,666
$66,688
$88,866
$66,888
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