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.