COM204 Chapter 1 & 2 Assignment #1 Question 3 The financial information for assets and liabilities, revenues and expenses are listed for All State Corp. as of December 31, 2018. Using the information, prepare an income statement, statement of retained earnings and balance sheet (32 marks): Accounts payable $3,500 Accounts receivable 5,500 Long-term debt 10,000 Cash 18,300 Cost of goods sold 30,000 Inventory 12,000 Office expense 1,500 Rent expense 13,200 Wages expense 31,400 Payroll payable 900 Sales revenue 101,000 Dividends Declared 7,000 Office supplies 4,400 Utilities expense 7,500 Common Shares 15,000 Retained Earnings, January 1, 2019 10,800 Retained Earnings, December 31, 2019