Need Help Creating an Income Statement and Balance Sheet from This Financial Data?

Can anybody make an income statement and balance sheet for the below-mentioned data? The financial period is from 1-3-2009 to 28-2-2010.

Financial Data for Income Statement and Balance Sheet

- **Cash Sales:** 1,021,028
- **Credit Sales:** 3,559,302
- **Sales Return:** 29,419
- **Opening Merchandise Inventory:** 808,462
- **Purchase:** 3,956,573
- **Purchase Return:** 113,835
- **Ending Merchandise Inventory:** 929,914
- **Insurance Expense:** 119,037
- **General Expense:** 131,110
- **Accounts Receivable (Closing Balance 28-2-2010):** 1,161,468
- **Bad Debts:** 2,064
- **Accounts Payable (Closing Balance 28-2-2010):** 912,958

Regards

Dear Smart Yousufzai, please do not seek such help that amounts to spoon-feeding or off-loading your homework to others. It is a very small problem in Financial Accounting, which a fresher would be able to solve easily.

Understanding Financial Statements

Have you familiarized yourself with the "items" that constitute a Balance Sheet and an Income Statement? You have to identify and segregate them, work around a bit, and arrange them in the proper order for both statements - that's all that needs to be done.

Regards

Raj bro,

I have already prepared the income statement and balance sheet myself, but I am not sure if they are correct. That's why I am asking here if someone could review them so I can compare it with my own records.

Dear Smart Yousufzai,

In that case, it is advisable to submit your balance sheet and profit & loss account and seek the opinion of members, rather than quizzing members.

Thank you.