Assume that you are the president of Aerospace Explorations. At the end of the first year of

Question:

Assume that you are the president of Aerospace Explorations. At the end of the first year of operations (December 31, 2017), the following financial data for the company are available:

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

Required:

1. Prepare an income statement for the year ended December 31, 2017.

2. Prepare a statement of retained earnings for the year ended December 31, 2017.

3. Prepare a balance sheet at December 31, 2017.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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