Innovative Product Incorporated needs to prepare financial statements based on the information given below for the year end 31st December 2019. The information obtain are as follows:-
Interest revenue 50,000
Depreciation 5,000
Administrative expenses 6000
Sales 50,000
Interest expenses 1,000
Selling expenses 9,000
Cost of good sold 25,000
Tax 35%
Equipment 60,000
Inventory 20,000
Vehicles 40,000
Land and building 180,000
Cash and cash equivalent 200,000
Income tax payable 70,000
Account payable 64,000
Retained earnings 100,000
Account Receivable 34,000
Common stock 100,000
Long term debt 200,000
Question.
Financial statements are balance sheet and income statement that are as follows :-
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