Assume that you are the president of APEC Aerospace Corporation. At the end of the first year
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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
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. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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