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. .

1. 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.