NAME_1 owns a tailoring business. Thinking that there will be no more transactions for the period, his accountant has completed the accounts for the business and has the following results:
Income Statement
Revenue: $38000
Expenses: $16000
Profit (before tax) $22000
Tax (rate = 30%): $6600
Profit (after tax): $15400

Balance Sheet
Cash: $5700
Other current assets $18000
Long term assets: $69000
Current liabilities: $58000
Long term liabilities $11200
Capital: $17900
Retained earnings: $5600

However, in the last day of the year NAME_1 finishes a suit and delivers it to a customer, The customer had previously paid $70 and has now paid the final $180 in cash. The raw materials used for making the suit cost $40.

Show how the financial accounts will look after this transaction has been recorded.
Income statement
Revenue
Expenses
Profit (before tax)
Tax (rate = 30%)
Profit (after tax)

Balance Sheet
Cash
Other current assets
Long term assets
Current liabilities
Long term liabilities
Capital
Retained earnings
