Question 1

Company compiled the following financial information as of December 31, 2018:

Service revenue $1,120,000 Common stock 240,000 Equipment 320,000 Operating expenses (VC) 1,000,000 Cash 280,000 Dividends 80,000 Supplies exp. (FC) 40,000 Accounts payable 160,000 Salaries payable 40,000 Accounts receivable 400,000 Retained earnings, 1/1/18 600,000 Tax? (50%) Put together a set of financial statements for 2018.