Question

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.


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  • CreatedNovember 02, 2015
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