1) Balance sheet: Given the following information about Elkridge sporting goods. inc., construct a balance sheet for June 30, 2011. on that date the firm has cash and marketable securities of $25,135 , account receivable of $43,758, inventory of $167,112, net fixed assets of $325,422 and other assets of $13,125, it had accounts payable of $67,855, notes payable of $36,454, long term debt of $223,125, and common stock of $150,000. how much retained earnings did the firm have?
2) Income statement: The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2011: sales of $1.45 million, cost of goods sold of $812,500, depreciation expenses of $89,575. assume that the firm has a tax rate of 35 percent. what is the company's net income? set up an income statement to answer the question.