Reference no: EM132796768

Problem 1: Based on the following financial information, construct the balance sheet and income statement for Tonka Trucking LLC for the year ending December 31, 2019.

Accounts Receivable $40,000
Depreciation Expense $50,000
Accumulated Depreciation $200,000
Cost of Goods Sold $50,000
Income Tax Expense $50,000
Cash $50,000
Sales Revenue $400,000
Equipment (Before Accumulated Depreciation) $400,000
Selling, General, and Administrative Expenses $100,000
Common Stock (1,000 shares) $100,000
Accounts Payable $50,000
Retained Earnings $100,000
Interest Expense $50,000
Inventory $10,000
Long-term Debt $50,000