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The table below lists names and dollar amounts for accounts from Apex Corporation as of...

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Accounting

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The table below lists names and dollar amounts for accounts from Apex Corporation as of 12/31/20. Accounts payable $220,000 Accounts receivable $450,000 Accrued expenses $ 55,000 Accumulated depreciation $265,000 Buildings $225,000 Cash $215,000 Common stock (par value) $ 90,000 Cost of goods sold $2,500,000 Depreciation expense $ 45,000 Equipment $140,000 Administrative expense $320,000 Furniture & fixtures $170,000 Inventories $375,000 Land $100,000 Long-term debt $420,000 Machinery $420,000 Marketable securities $ 75,000 Notes payable $475,000 Paid-in capital $360,000 Preferred stock $100,000 Retained earnings $210,000 Sales $3,600,000 Vehicles $ 25,000 Interest expense $ 27,000 In addition, Apex Corporation pays taxes at a rate of 40%. Using the information above, do the following: 1. label each item in the list as either current asset, fixed asset, contra-asset, current liability, long-term liability, equity, expense, or revenue 2. create a balance sheet as of 12/31/20 3. create an income statement as of 12/31/20

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