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Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31), the following financial data
Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: |
Accounts Payable | $ | 33,130 | |
Accounts Receivable | 9,500 | ||
Cash | 13,900 | ||
Common Stock | 10,000 | ||
Dividends | 1,100 | ||
Equipment | 86,000 | ||
Notes Payable | 51,220 | ||
Operating Expenses | 60,000 | ||
Other Expenses | 8,850 | ||
Sales Revenue | 94,000 | ||
Supplies | 9,000 | ||
Required information
Required: |
1. | Prepare an income statement for the year ended December 31. |
2. | Prepare a statement of retained earnings for the year ended December 3 |
3. | Prepare a balance sheet at December 31. |
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