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Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.
Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.
Accounts Receivable | $ 40,000 |
---|---|
Accounts Payable | 30,000 |
Cash | 10,000 |
Common Stock | 20,000 |
Notes Payable | 10,000 |
Equipment | 50,000 |
Sales Revenue | 100,000 |
Fuel Expense | 10,000 |
Rent Expense | 15,000 |
Advertising Expense | 5,000 |
Salaries and Wages Expense | 20,000 |
Retained Earnings | ? |
Dividends | 10,000 |
Required:
- Prepare the income statement for the year ended December 31, Year 1.
- Prepare the statement of retained earnings for the year ended December 31, Year 1.
- Prepare the balance sheet for the year ended December 31, Year 1.
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