Johnston Enterprises

Balance Sheet and Income Statement Data

December 31,

	2017		2016
Accounts Payable	187,000		102,000
Accounts Receivable	238,000		306,000
Accumulated Depreciation	476,000		442,000
Bonds Payable	340,000		391,000
Cash	153,000		119,000
Common Stock	510,000		467,500
Cost of Goods Sold	751,000		731,000
Depreciation Expense	153,000		136,000
Income Tax Expense	110,000		102,000
Income Taxes Payable	85,000		76,500
Interest Expense	34,000		34,000
Inventory	391,000		340,000
Loss on Sale of Equipment	12,000		0
Notes Payable (current)	51,000		68,000
Property, Plant, and Equipment	1,241,000		1,122,000
Retained Earnings	?		340,000
Salaries and Wages Expense	391,000		357,000
Sales Revenue	1,615,000		1,513,000

Additional Information:

During the year, Johnston paid dividend of $130,000; sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000; and purchased new equipment for $272,000.

Instruction

1. Prepare a Comparative Income statement for years ending December 31, 2016 and 2017.
2. Prepare a statement of Retained Earnings for the year ending December 31, 2017.
3. Prepare a Comparative Balance Sheet for years ending December 31, 2016 and 2017.
4. Prepare a statement of cash flows for the year ending December 31, 2017.