Kamm Corporation began operations at the start of 2022 and uses accrual accounting.

During the year, it made cash and credit sales totaling $500,000 but only collected $420,000 from its customers.

Kamm purchased inventory costing $250,000.

The cost of goods sold was $210,000.

Kamm also incurred the following expenses: Salary Expense $80,000

Interest Expense 5,000

Insurance Expense 4,000 Supplies Expense 6,000 Income Tax Expense 34,000

Kamm paid $15,000 in dividends during the year.

#1 Requirement a:

Prepare an income statement, in good format (see text for example), for Kamm. Be sure to show the following line items: Revenues, Expenses, Income before Income Taxes, Income Tax Expense, and Net Income for the year ended December 31, 2022.

#1 Requirement b:

Based on the above information, what is the amount of Accounts Receivable on the Balance Sheet.

#1 Requirement c:

Based on the above information, what is the amount of Retained Earnings on the Balance Sheet.