Assume that you are the president of Aerospace Explorations. At the end of the first year of operations (December 31, 2014), the following financial data for the company are available:

Required
1. Prepare an income statement for the year ended December 31, 2014.
2. Prepare a statement of retained earnings for the year ended December 31, 2014.
3. Prepare a balance sheet at December 31, 2014.

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$13,900 Cash Accounts Receivable 9,500 9,000 Supplies Equipment Accounts Payable Notes Payable Sales Revenue Operating Expenses Other Expenses Contributed Capital Dividends 86,000 30,277 1,220 94,000 60,000 8,850 62,853 1,100