1. PREPARE THE INCOME STAMENTS, STATEMENT OF OWNERS EQUITY AND BALANCE SHEET FOR THE FIRST YEAR OF OPERATION. (90 points). Alto Publishers Company's selected accounts as of November 30, 2012, follow: $ Selling expenses Furniture Sales returns and allowances Salary payable Alto, capital Sales revenue Accounts payable $ 18,100 Inventory 37,300 Cash 3,000 1,400 Accumulated depreciation 29,400 Cost of goods sold 114,200 Sales discounts 13,400 General expenses Note payable 44,000 36,100 21,700 23,100 53,000 2,400 9,300

1. PREPARE THE INCOME STAMENTS, STATEMENT OF OWNERS EQUITY AND BALANCE SHEET FOR THE FIRST YEAR OF OPERATION. (90 points). to Publishers Company's selected accounts as of November 30,2012, follow