From the following grouping of accounts and numbers complete an Income Statement and Balance Sheet...

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Utilities				500
Payroll				2,000
Cost of Goods Sold			7,000
Accounts Payable			6,000
Sales				14,000
Inventory			8,000
Rent				1,500
Accounts Receivable		6,000
Commissions			500
Allowance for Doubtful Accounts	2,500
Buildings				250,000
Dues and Subscriptions		250
Equipment			90,000
Employee Benefits			1,000
Retained Earnings			48,550
Accumulated Depreciation		200,000
Wages Payable			1,200
Depreciation			500
Payroll Taxes Payable		750
Advertising			800
Notes Payable			30,000
Insurance			1,000
Interest				400
Cash				10,000

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