Prag began operations on January 1, 2016. The Prag accountant compiled the following information on December 31,
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Question:
Prag began operations on January 1, 2016. The Prag accountant compiled the following information on December 31, 2016:
sales revenue | $53,000 | equipment, net | $28,000 | |
Bills | 41,000 | building net | 51,000 | |
dividends | 9,000 | Accounts payable | 9,000 | |
Money | 6,250 | Pay | 50,500 | |
accounts receivable | 7,750 | Common actions | 37,000 | |
Inventory | 6,500 | Retained earnings | ? |
Required
You have been asked to assist the accountant for the Prag Corporation in preparing the year-end financial statements.
Use the above information to prepare an income statement, a statement of shareholders' equity, and a balance sheet as of December 31, 2016.
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