Question: Patel Corporation engaged in activities during the first year of
Patel Corporation engaged in activities during the first year of its operations that resulted in the following: Service Revenue, $9,600; Total Expenses, $4,900; and Dividends, $820. In addition, the year-end balances of selected accounts were as follows: Cash, $3,780; Other Assets, $2,000; Accounts Payable, $900; and Common Stock, $1,000. In proper format, prepare the income statement, statement of retained earnings, and balance sheet for Patel (assume the year ends on December 31, 2011).
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