Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available:
Accounts Payable... $ 33,130
Accounts Receivable... 9,500
Cash... 13,900
Common Stock... 10,000
Dividends... 1,100
Equipment... 86,000
Notes Payable... 51,220
Operating Expenses... 60,000
Other Expenses... 8,850
Sales Revenue... 94,000
Supplies... 9,000
Required:
1. Prepare an income statement for the year ended December 31.
2. Prepare a statement of retained earnings for the year ended December 31.
3. Prepare a balance sheet at December 31.