Gregg Corporation started business on January 1. 

The following information was compiled by Gregg as of December 31. 

Sales revenue $20,000 

Equipment 15,000 

Expenses 12,000 

Building 40,000 

Dividends 3,000 

Accounts payable $4,000 

Cash 1,500 

Notes payable 33,000 

Accounts receivable 2,500 

Common stock 20,000 

Inventory 3,000 

Retained earnings ? 

Cash flow from operating activities 6,500 

Cash flow from investing activities (55,000) 

Cash flow from financing activities 50,000 

Prepare the company’s year-end financial statements: 

An income statement, a statement of stockholders’ equity, and a balance sheet.

Answer rating: 100% (QA)

GREGG CORPORATION AS OF 31st DECEMBER INCOME STATEMENT Re ... View the full answer