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Required information [The following information applies to the questions displayed below.] At the end of the first year of operations (December 31, 2021), the
Required information [The following information applies to the questions displayed below.] At the end of the first year of operations (December 31, 2021), the following financial data for APEC Aerospace Corporation are available: Accounts Payable Accounts Receivable Cash $ 33,630 10,000 14,400 Common Stock 10,500 Dividends 1,600 Equipment 84,000 Notes Payable 51,970 Operating Expenses 65,000 Other Expenses 9,100 Sales Revenue Supplies 97,500 9,500 When answering the questions in requirements 1-4 that follow, refer to each financial statement only once in your answers. Required: 1-a. Is the company financed mainly by creditors or stockholders? O Creditors Stockholders 1-b. Which financial statement provides the information regarding the source of financing? Income Statement O Statement of Retained Earnings O Balance Sheet O Statement of Cash Flows
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