Cooley Company Reports the Following Accounts and Balances at December

Essay

Cooley Company reports the following accounts and balances at December 31,2015:
$$\begin{array} { l l } \text { Accounts Payable } & \$ 22,800 \\\text { Accounts Receivable } & 18,800 \\\text { Cash } & 24,400 \\\text { Land } & 82,400 \\\text { Machine } & 129,200 \\\text { Merchandise Inventory } & 63,600 \\\text { Long-term Note Payable } & 79,200 \\\text { Short-teran Note Payable } & 14,400 \\\text { Paid-in Capital } & 200,000 \\\text { Retained Earnings } & ? \\\text { Sales Revenue } & 122,000 \\\text { Cost of Goods Sold } & 80,000 \\\text { Operating Expenses } & 40,000\end{array}$$
Required:
Prepare a balance sheet at December 31,2015.Also,prepare an income statement for the year ended December 31,2015.Ignore depreciation expense and interest expense.