Following is a summary of the transactions that occurred during November:

a. Collections of accounts receivable, $75,000.

b. Payments of accounts payable, $14,000.

c. Acquisitions of inventory on open account, $80,000.

d. Merchandise carried in inventory at a cost of $70,000 was sold on open account for $96,000.

e. Recognition of rent expense for November, $1,000.

f. Wages paid in cash for November, $8,000.

g. Cash dividends declared and disbursed to stockholders on November 29, $10,000.

3-38 Financial Statements

What would be the balance sheet as of November 30, 20X0, and an income

statement for the month of November. What would the retained earnings column of a statement of

stockholders' equity. What would be the income statement first.