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Your friend John Lock, knowing that you are a 'top gun' accounting student, has asked you to prepare a balance sheet and a statement of comprehensive income from the following information.
Items Amount ($)
Telephone expense 12360 Cash sales 145840 Insurance expense 3245 Cost of supplies used to make cash sales 65450 Equipment 3200 Electricity expense 9560 Accounts payable 14020 Bank overdraft 2300 Wages expense 38900 Land and buildings 125000 Vehicles 23230 Mortgage 18000 Tax Payable 4500 Shareholder's equity 101285 Account receivable 5000
Required
Problem 1: Prepare income statement and balance sheet
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