8. The WeBuild Construction Company sold $28 million of buildings in its first year of operations. The company received payments of $16.00 million for these buildings. The company's income statement would report:

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Multiple Choice Accounts Receivable of $16.00 million. o Expenses of $12.00 million. Sales Revenue of $16.00 million. Sales Revenue of $28 million. Required information [The following information applies to the questions displayed below.) The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable $ 65,000 42,800 145,900 124,000 145,000 0 156,700 12,100 31,500 19,200 44,300 9,000 16,300 16,300 37,700 177,800 27,100 28,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 41,000 47,300 13,000 72,400 107,200 177,000 Required: 1. Prepare an income statement for 2016. NICE BITE, INC. Income Statement Required information (The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 65,000 42,800 145,900 124,000 145,000 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 156,700 12,100 31,500 19,200 44,300 9,000 16,300 16,300 37,700 177,800 27,100 28,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 41,000 47,300 13,000 72,400 107,200 177,000 2. Prepare a statement of retained earnings for 2016. NICE BITE, INC. Statement of Retained Earnings Retained Earnings, January 1, 2016 Retained Earnings, Decemeber 31, 2016 | Required information (The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 65,000 42,800 145,900 124,000 145,000 0 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 156, 700 12,100 31,500 19,200 44,300 9,000 16,300 16,300 37,700 177,800 27,100 28,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 41,000 47,300 13,000 72,400 107,200 177,000 3. Prepare a balance sheet for 2016. NICE BITE, INC. Balance Sheet Required information (The following information applies to the questions displayed below.) The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 65,000 42,800 145,900 124,000 145,000 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 156,700 12,100 31,500 19,200 44,300 9,000 16,300 16,300 37,700 177,800 27,100 28,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 41,000 47,300 13,000 72,400 107,200 177,000 4. Prepare a statement of cash flows for 2016. (Cash outflows should be entered as negative amounts.) NICE BITE, INC. Statement of Cash Flows Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities The table shows financial data for Purrfect Pets, Inc. as of June 30, Year 3. Accounts Receivable Retained Earnings Inventories Other Assets Accounts Payable Equipment Cash Common Stock Notes Payable $ 419,700 118,400 58,450 69,450 349,700 119,000 733,100 662,600 269,000 Required: Prepare a balance sheet using these data. PURRFECT PETS, INC. Balance Sheet June 30, Year 3 Assets Total Assets Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. Advertising and Promotion Expenses Income Tax Expense Interest Expense Other Expenses Other Selling & Administrative Expenses Sales Revenue Salaries and Wages Expense $ 263,400 56,590 43,990 123,300 351,700 1,869,800 725,700 Required: a. Calculate the net income for the Green Thumb, Inc. for Year 3. b. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162,900 as of January 1, Year 3, and paid out $46,090 in dividends during Year 3. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net income for the Green Thumb, Inc. for Year 3. Net Income C Required A Required B > A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. Advertising and Promotion Expenses Income Tax Expense Interest Expense Other Expenses Other Selling & Administrative Expenses Sales Revenue Salaries and Wages Expense $ 263,400 56,590 43,990 123,300 351,700 1,869,800 725,700 Required: a. Calculate the net income for the Green Thumb, Inc. for Year 3. b. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162,900 as of January 1, Year 3, and paid out $46,090 in dividends during Year 3. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162,900 as of January 1, Year 3, and paid out $46,090 in dividends during Year 3. GREEN THUMB, INC. Statement of Retained Earnings For the Year Ended December 31, Year 3 Retained Earnings, January 1, Year 3 Retained Earnings, December 31, Year 3 Required A Required B )