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Use the following information to create an income statement and balance sheet.Accounts Payable 45,000Accounts Receivable100,000Cash 50,000Common...

Use the following information to create an income statement and balance sheet.Accounts Payable 45,000Accounts Receivable100,000Cash 50,000Common Stock 60,000Costs400,000Depreciation Expense 10,000Goodwill200,000Interest Expense 15,000Inventory150,000Line of Credit (used) 55,000Paid in Surplus151,250Preferred Stock140,000Retained Earnings ?Sales500,000Tax Rate 35%

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