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Need help solving the Balance Sheet. Requirement 1. Fil in the missing amounts. Begin...

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Finance

imageimageNeed help solving the Balance Sheet.

Requirement 1. Fil in the missing amounts. Begin by completing the income statement. Toad Company ncome Statement For the Year Ended December 31, 2012 Sales Cost of goods sold . Gross profit on sales.. . Administrative expenses .. Operating income 725,000 320,000 405,000 45,000 360,000 8,000 123,200 228,800 Net income Now fill in the missing amounts on the balance sheet. Toad Company Balance Sheet At December 31, 2012 Accounts payable.$ 13,500 9,100 2,000 Note payable 47,000 974,000 Contributed capital . . Accounts receivable . Equipment.... 560,000 Retained earnings . . $ 1,123,000

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