Angel Valdez is an owner and manager of Angel V's Inc , which began operations a few years prior On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31 Equipment $ 215,400 Supplies $ 10,406 Salaries expense 570,005 Prepaid rent 5,387 Buildings 1,395,008 Land 144,991 Interest revenue 2,213 Interest expense 38,457 Patents 41,995 Insurance expense 1,452 Cash 25,392 Prepaid insurance 3,278 Utilities expense 3,873 Accounts payable 32,284 Note payable 57,807 Note receivable 39,006 Accounts receivable 24,004 Rent expense 12,961 Common stock 80,000 Unearned revenue 8,426 Cash Dividends 10,002 Interest receivable 109 Accumulated Depreciation Equipment 44,968 Accumulated Depreciation Buildings 85,444 Salaries payable 21,305 Interest payable 7,417 Income tax payable 1,747 Income tax expense 22,257 Depreciation expense 44,850 Supplies expense 114,401 Sales 2,297,996 Bonds payable 231,100 Mortgage payable 582,598 Sales discounts 13,271 Investment in stock 25,999 Retained earnings 229,938 Amortization expense 4,140 Cost of goods sold 1,266,433 Allowance for doubtful accounts 801 Sales returns allowances 62,898 Paid in capital in excess of par C S 484,927 Inventory 47,994 Gain on sale of plant asset 4,223 Loss on sale of plant asset 3,248 Freight out 25,212 Bad debts expense 765 Additional information The Note receivable is due to the company in 3 months The Notes payable is not due for 2 years The Prepaid insurance is for a policy that expires October 1 (good for 9 more months) The Prepaid rent is for the next 6 months Bonds payable mature in 15 years The Mortgage payable is due over a 20 year period and $15,000 of the principal is due next year The company plans to hold the Investments in stock for at least the next 18 months Required Prepare a January 1 December 31 income statement for the business Prepare a January 1 December 31 statement of retained earnings Prepare a December 31 balance sheet Prepare the closing entries in the order outlined in the book and in class

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Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following

Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31.

Equipment	$ 215,400	Supplies	$ 10,406
Salaries expense	570,005	Prepaid rent	5,387
Buildings	1,395,008	Land	144,991
Interest revenue	2,213	Interest expense	38,457
Patents	41,995	Insurance expense	1,452
Cash	25,392	Prepaid insurance	3,278
Utilities expense	3,873	Accounts payable	32,284
Note payable	57,807	Note receivable	39,006
Accounts receivable	24,004	Rent expense	12,961
Common stock	80,000	Unearned revenue	8,426
Cash Dividends	10,002	Interest receivable	109
Accumulated Depreciation - Equipment	44,968	Accumulated Depreciation - Buildings	85,444
Salaries payable	21,305	Interest payable	7,417
Income tax payable	1,747	Income tax expense	22,257
Depreciation expense	44,850	Supplies expense	114,401
Sales	2,297,996	Bonds payable	231,100
Mortgage payable	582,598	Sales discounts	13,271
Investment in stock	25,999	Retained earnings	229,938
Amortization expense	4,140	Cost of goods sold	1,266,433
Allowance for doubtful accounts	801	Sales returns & allowances	62,898
Paid-in capital in excess of par-C.S.	484,927	Inventory	47,994
Gain on sale of plant asset	4,223	Loss on sale of plant asset	3,248
Freight-out	25,212	Bad debts expense	765

Additional information:

The Note receivable is due to the company in 3 months.
The Notes payable is not due for 2 years.
The Prepaid insurance is for a policy that expires October 1 (good for 9 more months).
The Prepaid rent is for the next 6 months.
Bonds payable mature in 15 years.
The Mortgage payable is due over a 20-year period and $15,000 of the principal is due next year.
The company plans to hold the Investments in stock for at least the next 18 months.