Napolean Corporation started business on January 1, 2016. The following information was compiled by Napolean’s accountant on December 31, 2016:

Sales Revenue	$12,000		Equipment, net	$9,000
Expenses	7,200		Building, net	24,000
Dividends	1,800		Accounts Payable	2,400
Cash	900		Notes Payable	19,800
Accounts Receivable	1,500		Common Stock	12,000
Inventory	1,800		Retained Earnings	?

 

Required

You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above information to prepare an income statement, statement of stockholders’ equity, and a balance sheet as of December 31, 2016.