Cashgrabber inc dr cr

Accounts Payable $285,020$

Accounts Receivable $320,600$

Accrued Expenses Payable $52,000$

Advances to employees $31,200$

Accumulated Depreciation $-$ Building $900,000$

Accumulated Depreciation $-$ Equipment $112,000$

Allowance for doubtful accounts $11,000$

Bonds Payable $-$ Due $2028620,000$

Bonds Premium $26,000$

Building $2,250,000$

Cash $501,200$

Common Stock $($$ $1$ par value, $120,000$ issued $)120,000$

Cost of Goods Sold $3,150,000$

Dividends payable $24,000$

Equipment $651,000$

Franchise $($unamortized cost$)367,000$

General & Administrative Expenses $2,339,280$

Goodwill $111,000$

Held to Maturity Securities $146,000$

Income tax allocable to Income from continuing ops. $325,070$

Inventory $-$ Ending $492,000$

Land $362,000$

Net sales $9,020,500$

Mortgage Note Payable $($$$120,000$ due in $2024)799,400$

Paid in Capital in excess of par $-$ Common $234,000$

Paid in Capital in excess of par $-$ Preferred $27,000$

Paid in Capital from Treasury Stock $4,100$

Patent $-$ Unamortized cost $373,000$

Preferred Stock $(2\%,$ $$100$ par value, $5,000$ shrs issued & outstanding$)500,000$

Prepaid Expenses $72,000$

Retained earnings $-$ Dec. $31,2023$ reduced by $$10,000$ Pref. dividends

and $$52,000$ Common dividends $1,776,510$

Salaries Payable $61,000$

Securities Fair value Adj. Trading Securities $32,000$

Selling expenses $2,706,150$

Trading Securities $216,000$

Treasury Stock $-$ Common $(25,000$ shrs$)178,030$

Unearned revenue $51,000$

$14,623,53014,623,530$

Additional information

$1$ Net income for the year ended December $31,2023$ is $$500,000$

$2$ The January $1,2023$ balance in Retained Earnings is $$1,838,510$

Instructions: Prepare:

a An Income Statement for the year ended Dec. $31,2023$

b A Retained Earnings Statement for the year ended Dec. $31,2023$

c The Stockholders' Equity section of the Dec. $31,2023$ Balance Sheet