The amounts of

(a) the assets and liabilities of Aspen Supply Co. as of December 31. 20X4, and

(b) the revenues and expenses of the company for the year ended on that date fol- low. The items are listed in alphabetical order. Accounts payable.. Note payable........ Property tax expense. $ 31.000 Accounts receivable. Building. Cash. Equipment. Interest expense. Interest payable Land. $12,000 3,000 56,000 Rent expense. 7,000 Salary expense. 21,000 Service revenue. 4,000 Supplies. 1,000 Utilities expense 8,000 2,000 14.000 38,000 108,000 7,000 3,000 The owner's beginning balance. Linda Elkins. Capital, was $43,000, and during the year Elkins withdrew $32,000 for personal use. Required 1. Prepare the income statement of Aspen Supply Co. for the year ended December 31. 20X4. 2. Prepare the company's statement of owner's equity for the year ended December 31. 20X4. 3. Prepare the company's balance sheet at December 31, 20X4. 4. Answer these questions about the company.

a. Was the result of operations for the year a profit or a loss? How much?

b. Did Elkins drain off all the earnings for the year, or did she build the company's capital during the period? How would her actions affect the company's ability to borrow in the future? How much in loial economic resources does the company have as it moves into the new year? How much does the company owe?