preparing balance sheet and income statement

Phase 1 Individual Project
Deliverable Length: 2 page Word document

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday, and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

The fictional Be Good company recorded the following financial data for the year ended 20X2:

Sales $1,000,000
Cash $25,000
Cost of goods sold $700,000
Inventory $50,000
Accounts receivable $75,000
Operating expenses $200,000
Fixed assets $400,000
Interest expenses $20,000
Accounts payable $15,000
Taxes $ 30,000
Long term debt $300,000
Owner’s equity $225,000
Accruals $10,000

Organize these data into a balance sheet and an income statement

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