Assume that you are the president of APEC Aerospace Corporation. At the end of the first year

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 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...