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can you help me with a balance sheet and statement of owners equity
34 Extra Homework income, Balaree, From the following information for 2020 for Logan, Inc. prepare Financial Statements. Assu
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Income Statement
Sales $ 825,000.00
Less: Cost of Goods sold $(500,000.00)
Gross Margin $ 325,000.00
Less: Expenses
Advertising expense $   19,000.00
Interest Expense $     5,000.00
Depreciation Expense $   28,000.00
Rent Expense $   75,000.00
Salary Expense $ 100,000.00
Tax Expense $   18,000.00
Utilities Expense $   40,000.00 $ 285,000.00
Net Income $    40,000.00
Statement of Owner's Equity
Retained Earnings
Beginning Balance $ 141,000.00
Add: Net Income $   40,000.00
Less: Dividend $ (10,000.00)
Ending Balance $ 171,000.00
Balance Sheet
Assets
Current Assets
Cash $ 108,000.00
Accounts Receivable $   80,000.00
Inventory $ 118,000.00
Total current assets $ 306,000.00
Plant, Property and Equipment
Equipment $ 140,000.00
Accumulated depreciation $   46,000.00 $    94,000.00
Building $ 300,000.00
Patent $    50,000.00
Total Assets $ 750,000.00
Liabilities and Equity
Current Liabilities
Accounts Payable $ 200,000.00
Salaries Payable $   60,000.00
Taxes Payable $     9,000.00
Total current liabilities $ 269,000.00
Non-Current Liabilities
Notes Payable $    10,000.00
Total Liabilities $ 279,000.00
Owner's Equity
Common Stock $ 300,000.00
Retained Earnings $ 171,000.00 $ 471,000.00
Total Liabilities and Equity $ 750,000.00
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