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Amy's Cleaning Services has been operating for 5 years. At December 31 of last year, the accounting records reflected the following: Assets Amount Liabilities &

Amy's Cleaning Services has been operating for 5 years. At December 31 of last year, the accounting records reflected the following:

Assets

Amount

Liabilities & Equity

Amount

Cash

$ 35,000

Accounts Payable

$ 20,000

Marketable Securities

15,000

Notes Payable (Short-Term)

25,000

Accounts Receivable

20,000

Long Term Notes Payable

60,000

Equipment

100,000

Common Stock

20,000

Factory

80,000

Additional Paid in Capital

35,000

Intangibles

10,000

Retained Earnings

100,000

Total Assets

$260,000

Total Liabilities & Equity

$260,000

During the current year, the company had the following summarized activities:

Purchased furniture for $7,000 cash.

Purchase supplies on account for $3,000.

Purchased equipment that cost a total of $29,000; paid $1,000 cash and signed a one-year note for the balance.

Hired a new president at the end of the year. The contract was for $75,000 per year plus options to purchase company stock at a set price based on company performance.

Issued additional shares of common stock for $25,000 cash and $10,000 in equipment.

Purchased a new vehicle for $48,000 by putting down $5,000 cash and obtained a 5 year note payable from a local bank.

Purchased Land for $20,000 cash.

Performed Services for a customer and received $52,500 cash.

Built an addition to the factory for a total cost of $95,000; paid $5,000 in cash and signed a three-year note for the balance.

Performed services for a customer on account for $42,600.

Paid $10,500 on account.

Received $45,900 from a customer on account.

Paid expenses: Rent-$4,500, Advertising-$2,000 and Salaries-$7,000

Paid dividends $5,000.

Need Guidance on: (If possible please provide where the numbers are coming from and or how to calculate revenue, net income, etc)

Prepare a Balance Sheet as of December 31, of the current year.

Analyze the financial status of the company over this last year. (Dont forget to use ratios.)

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