Prepare Income Statement and Balance SheetData:Revenue: $150,000Expenses:Cost of Goods Sold: $80,000Operating Expenses: $30,000Assets:Cash: $20,000Inventory: $50,000Equipment: $70,000Liabilities:Accounts...
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Accounting
Prepare Income Statement and Balance Sheet
Data:
- Revenue: $150,000
- Expenses:
- Cost of Goods Sold: $80,000
- Operating Expenses: $30,000
- Assets:
- Cash: $20,000
- Inventory: $50,000
- Equipment: $70,000
- Liabilities:
- Accounts Payable: $20,000
- Loan Payable: $40,000
Requirements:
- Prepare the income statement for the year ended December 31, 2023.
- Prepare the balance sheet as of December 31, 2023.
- Analyze the company’s financial performance based on these statements.
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