• Prepare an income statement, statement of retained earnings, and balance sheet for XYZ Corporation based on the following information:

  • Revenue: $500,000
  • Cost of Goods Sold: $200,000
  • Operating Expenses: $100,000
  • Interest Expense: $20,000
  • Income Tax Expense: $50,000
  • Beginning Retained Earnings: $150,000
  • Dividends Declared: $30,000