Preparing Balance Sheet And Income Statement

Phase 1 Individual ProjectDeliverable Length:2-page Word documentDetails:

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

Organize these data into a balance sheet and an income statement


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