preparing a balance sheet and income statement

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Phase 1 Individual Project
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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday, and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

The fictional Be Good company recorded the following financial data for the year ended 20X2:

Sales$1,000,000
Cash$25,000
Cost of goods sold$700,000
Inventory$50,000
Accounts receivable$75,000
Operating expenses$200,000
Fixed assets$400,000
Interest expenses$20,000
Accounts payable$15,000
Taxes$ 30,000
Long-term debt$300,000
Owner’s equity$225,000
Accruals$10,000

Organize these data into a balance sheet and an income statement

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