[carrietayman]

I need to prepare a balance sheet and an income statement

• Revolving Fitness reported $850,000 in sales from selling fitness equipment.
• Revolving Fitness purchased $500,000 in fitness equipment on account that it plans to resell.
• Paid $11,500 for the production of a new catalog of fitness equipment the company sells
• Paid its CEO $250,000 for 2009.
• Reported $266,000 in Cost of Goods Sold for 2009.
• Paid $100,000 in sales salaries for 2009.
• Began 2009 with a beginning balance in Cash of $25,750.
• Beginning inventory for 2009 was $525,000.
• Accumulated depreciation at the beginning of 2009 was $300,000.
• Reported depreciation expense of $100,000.
• Purchased supplies for $15,750 in cash used $4,500 in supplies during the year.
• Paid $498,500 on account.
• Paid a total of $50,000 toward the principle on the mortgage loan.
• No dividends were awarded for 2009.

[morgaine300]

What have you attempted on this please? We do not just do people's homework for them -- we'll check your work, give hints, etc. Either show what work you have attempted or try to ask a specific question of what part you don't understand.