Income statement and balance sheet
The following information taken from Joseph business on December 31 that includes assets, liabilities , revenues and expenses were :
- Insurance Expenses $4000
- Accounts Payable $4000
- Miscellaneous Expenses $1000
- Accounts Receivable $5000
- Rent Expenses $2500
- Cash $14000
- Salaries Expense $20000
- Equipment $11000
- Supplies Expense $2200
- Notes Payable $4600
- The business sold 25units at the price of $1600 per unit
- Suppliers on hand $1000 ,with opening balance of $700
- Opening owners equity $11500
Required: a) Prepare income statement
b)Prepare balance sheet