Prepare a balance sheet and income statement as of December 31, 2003, for Preakness, Inc., from the following information.
Inventory $ 6,500
General and administrative expenses 850
Common stock 45,000
Cash 16,550
Operating expenses 1,350
Notes payable 600
Interest expense 900
Depreciation expense 500
Net sales 12,800
Accounts receivable 9,600
Accounts payable 4,800
Long-term debt 55,000
Cost of goods sold 5,750
Buildings and equipment 122,000
Accumulated depreciation 34,000
Taxes 1,440
Retained earnings.?
