Constructing Financial Statements from Account Data

Barth Company reports the following year-end account balances at December 31, 2013. Prepare the 2013 income statement and the balance sheet as of December 31, 2013.

Accounts payable $16,000   Inventory $36,000

Accounts receivable $30,000 Land $80,000

Bondspayable, long-term $200,000 Goodwill $8,000

Buildings151,000 Retained earnings$160,000

Cash $148,000 Sales revenue $500,000

Common stock $150,000 Suppliesinventory$3,000

Cost of goods sold180,000 Suppliesexpense6,000

Equipment70,000 Wages expense 40,000

Prepare Barth Income Statement and Balance Sheet