please help me with this accounting problem!! preparing the balance sheet.?

Question

the question is shown below:
A company was started by owner early in 2006. initial capital was acquired by issuing shares of common stock to various investors and by obtaining a bank loan. the owner presents you with the following info for the year ending dec. 31, 2006:
1 cash receipts consisted of the following
from customers 360,000 from issue of common stock 100,000 from bank loan 100,000
2 cash disbursements were as follows
purchase of inventory 300,000 rent 15,000 salaries 30,000 utilities 5,000 insurance 3,000 purchase of equipment and furniture 40,000
3 the bank loan was made on mar. 31, 2006 a note was signed requiring payment of interest and principal on march 31, 2007. the interest rate is 12%.
4 the equipment and furniture were purchased on jan. 3, 2006, and have an estimated life of 10 years. depreciation per year is 4,000
5 amount owed to supplier of inventory 20,000 and utility company 1,000
6 rent is 1000 per month dec. 1,2006 4 months rent was paid in advance

7 net income for the year was 76,000. assume that the company is not subject to federal, state, or local income tax.

prepare a balance sheet at dec. 31, 2006

should i use the net income information to get the ending inventory??

the following info was in the question that i missed

8 the inventories on hand at the end of the year cost 100,000

Answer 1

No, the ending inventory is given to you - $100,000
You can use the ending inventory to work out your COGS = Purchases (300,000 + 20,000) 320,000 - 100,000 = 220,000

Balance sheet at Dec 31, 2006
ASSETS
Non-current assets
Equipment & furniture (nbv) 36,000
Current assets
Inventory 100,000
Prepaid rent 3,000
Cash 167,000
Total assets $306,000

EQUITY & LIABILITIES
Current liabilities
Note payable 100,000
A/cs payable 20,000
Interest payable 9,000
Utilities payable 1,000
Total liabilities 130,000

Stockholders' equity
Common stock 100,000
Retained earnings 76,000
Total stockholders' equity 176,000

Total equity & liabilities 306,000