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Preparation of Los Lobos Balance Sheet, Cash Flows Statements, and IncName(s)ACC/545 Financial ReportingProfessorDateLobos Balance Sheet, Cash Flows Statements, and Income StatementName(s)ACC/545 Financial ReportingProfessorDateLos Lobos Ledger PreparationReview the following information:31-Dec20072006$35,00033,000-1,30031,000100,000-16,500-25,000-21,000-5,300-45,0004,500-50,000-9,100-25,200$32,00030,000-1,10047,00095,000-15,000-15,500-29,100-4,600-20,0005,000-40,000-7,500-64,600SalesCost of goods soldSelling expensesGeneral and administrative expensesInterest expenseIncome tax expense$(558,300)250,000141,500137,0004,30020,400$(778,700)380,000172,000151,3002,60061,200Net Income$$ (11,600)CashAccounts receivableAllowance for doubtful accountsInventoryProperty, plant, & equipmentAccumulated depreciationTrade accounts payableIncome taxes payableDeferred income taxes8% callable bonds payableUnamortized bond discountCommon stockAdditional paid-in capitalRetained earnings(5,100)Additional information:1. Los Lobos purchased $5,000 in equipment during 2007.2. Los Lobos allocated one-third of its depreciation expense to selling expenses andthe remainder to general and administrative expenses.3. Bad debt expense for 2007 was $5,000, and write-offs of uncollectible accountstotaled $4,800.4. $12, 000 of the debt is current portion.Cash Sales$72,600Collections on ReceivablesPurcha

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