Reference no: EM132610794

Cooley Company reports the following accounts and balances at December 31, 2016:

Accounts Payable                 $22,800

Accounts Receivable               18,800

Cash                                      24,400

Land                                        82,400

Machine                                  129,200

Merchandise Inventory                 63,600

Long-term Note Payable                 79,200

Short-term Note Payable                14,400

Paid-in Capital                           200,000

Retained Earnings                            ?

Sales Revenue                           122,000

Cost of Goods Sold                        80,000

Operating Expenses                    40,000

Required:

Question 1: What is the balance sheet at December 31, 2016? Also, what is the income statement for the year ended December 31, 2016? Ignore depreciation expense and interest expense.