The following post-closing trial balance was drawn from the accounts of Spruce Timber Co. as of December 31, 2012.

Transactions for 2013
1. Acquired an additional $10,000 cash from the issue of common stock.
2. Purchased $60,000 of inventory on account.
3. Sold inventory that cost $62,000 for $95,000. Sales were made on account.
4. Wrote off $1,100 of uncollectible accounts.
5. On September 1, Spruce loaned $9,000 to Pine Co. The note had a 7 percent interest rate and a one-year term.
6. Paid $15,800 cash for salaries expense.
7. Collected $80,000 cash from accounts receivable.
8. Paid $52,000 cash on accounts payable.
9. Paid a $5,000 cash dividend to the stockholders.
10. Estimated uncollectible accounts expense to be 1 percent of sales on account.
11. Recorded the accrued interest at December 31, 2013.

Required
a. Organize the transaction data in accounts under on accounting equation.
b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for2013.

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Debit Credit Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings S 6,000 18,000 S 2,000 24,000 9,200 20,000 16,800 $48,000 $8,000 Totals