Practice Questions: Financial Statement Preparation Prepare the three financial statements (in good form) for XYZ Company Accounts Receivable Accounts Payable Salanes Expense Notes Payable (1year Dividends $20,000 18,000 50,000 80 000 4000 $26,000 .000 10,000 Retaincd Earnines,A15,000 ALTEA120.000 Cash tlitics Ex Capitail Stock fees Eatned quipment Income Tax Expense 50.000 Rent hx pes35,000 15,000 Income Statement Salaries expense $50,000 NET INCOME Statement of Retained Earnings $15,000 BEGINNING RE, 1-1 ADD DEDUCT ENDING RE, 12-31 Balance Sheet ASSETS LIABILITIES&STK EQUITY CURRENT LONG-TERM STK.EQUITY CURRENT Cash $26,000 TOTAL LIABILITIES & STK. EQUITY TOTAL ASSETS