Question $1$: Comprehensive Financial Statements Preparation

XYZ Corporation, a retail company, has provided the following account balances as

of December $31,2023$:

Cash: $$50,000$

Accounts Receivable: $$30,000$

Inventory: $$40,000$

Prepaid Insurance: $$5,000$

Land: $$100,000$

Building: $$200,000$

Accumulated Depreciation $-$ Building: $$50,000$

Accounts Payable: $$20,000$

Salaries Payable: $$5,000$

Common Stock: $$150,000$

Retained Earnings $($beginning balance$)$: $$120,000$

Sales Revenue: $$300,000$

Cost of Goods Sold: $$150,000$

Salaries Expense: $$50,000$

Depreciation Expense: $$10,000$

Insurance Expense: $$5,000$

Utilities Expense: $$15,000$

Dividends Declared and paid: $$10,000$

Required:

Prepare an Income Statement for the year ended December $31,2023.$

Prepare a Statement of Changes in Equity for the year ended December $31,$

Prepare a Comparative Statement of Financial Position as of December $31,$

$2022,$ and December $31,2023.($Assume the $2022$ balances were: Cash

$$40,000,$ Accounts Receivable $$20,000,$ Inventory $$30,000,$ Prepaid Insurance

$$4,000,$ Land $$100,000,$ Building $$200,000,$ Accumulated Depreciation $-$

Building $$40,000,$ Accounts Payable $$15,000,$ Salaries Payable $$4,000,$

Common Stock $$150,000,$ Retained Earnings $$100,000)$

Prepare a Statement of Cash Flows for the year ended December $31,2023,$

using the indirect method.