View Policies Current Attempt in Progress Cullumber Company began operations on January 1, 2022. The following information is available for Cullumber on December 31, 2022 $6,500 $11,000 Accounts payable Accounts receivable Advertising expense 4,000 12.000 Notes payable Rent expense Retained earnings Service revenue 4,330 ? Cash 5.100 29.500 Common stock 17.000 Supplies 3,900 Dividends 4,500 Supplies expense 1370 Equipment 28,800 (a) Prepare an income statement for Cullumber Company (a) Prepare an income statement for Cullumber Company CULLUMBER COMPANY Income Statement Vaughn Manufacturing has assets of $4492000, common stock of $1042000, and retained earnings of $654000, What are the creditors claims on their assets? O $2110000 $4126000 O $2796000 $4980000 Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting, $ 19380 3060 Revenue recognized Accounts receivable Expenses incurred Accounts payable (related to expenses) Supplies purchased with cash 7400 770 1836 $ 9690 O $12434 O $14270 O $11980