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Sandhill Corporation is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2018
Sandhill Corporation is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2018 Service revenue $129,000 Dividends declared $8,000 Sales 22,000 Bank loan payable 50,000 Accounts payable 11,000 Salaries expense 89,000 Cash 7,500 office expense 20,000 Equipment 112,000 Supplies 2,500 Income tax expense 5,000 Common shares (1/1/2018) 5,000 Cost of goods sold 12,000 Retained earnings (1/1/2018) 5,000 $34,000 of common shares were issued during the year, Prepare an income statement for Sandhill Corporation for the year ended December 31, 2018. SANDHILL CORPORATION Income Statement $ Prepare a statement of changes in equity for Sandhill as of December 31, 2018. (If an amount reduces the account balance then enter with negative signe.g.-45 or parentheses eg. (45).) SANDHILL CORPORATION Statement of Changes in Equity Common Shares Retained Earnings Total Equity $ $
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