Prepare Financial StatementsData:Revenue: $250,000Expenses:Cost of Goods Sold: $100,000Operating Expenses: $80,000Assets:Cash: $30,000Inventory: $40,000Equipment: $90,000Liabilities:Accounts Payable: $20,000Loan Payable:...
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Accounting
Prepare Financial Statements
Data:
- Revenue: $250,000
- Expenses:
- Cost of Goods Sold: $100,000
- Operating Expenses: $80,000
- Assets:
- Cash: $30,000
- Inventory: $40,000
- Equipment: $90,000
- Liabilities:
- Accounts Payable: $20,000
- Loan Payable: $60,000
Requirements:
- Prepare the income statement for the year ended December 31, 2023.
- Prepare the balance sheet as of December 31, 2023.
- Discuss the financial health of the company based on these statements.
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