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Problem 1: On the Balance Sheet, Assets on the right and Liabilities on the left. ? A company collects the financial information for the past two years (2018 and 2019). The fiscal year of this company is consistent with the calendar year. Please use the information below to build an income statement and balance sheet for 2018 and 2019 (assume the tax rate of the company is 30 percent).
2018 2019
Sales
$18,804
$20,182
Depreciation
2,700
2,702
Cost of goods sold
6,470
7,344
Selling, general, and administrative expenses
1.534
1,282
Interest expense
1,260
1,448
Cash
9.862
12,488
Accounts receivable
13,054
14,704
Accrued expenses
1,906
1,790
Long-term debt
32,304
38,520
Net fixed assets
82,692
84,664
Owners' equity
84,248
85,354
Accounts payable
10,358
10,044
Inventory
23,205
23,852
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