1. The following data, expressed as $10⁴, are the closed ledger accounts showing assets, liabilities, income, and expenses of Blue River Fabricators, Inc., a family owned firm that does not declare dividends. Generate an income statement and balance sheet for the year.

 

Account Title	$104	Account Title	$104
Cash in bank	1560	Office expense	200
Project income	3000	Manufacturing fixture owned	1000
Interest income, owned securities	100	Account payable	1400
Rental income	600	Interest expense on bank loan	50
Salary and wage expense	2400	Receivable from contracts	1800
Bank loan	2000	Equipment owned	800
Capital stock	8300	Materials expense	150
Retained earnings, January 1	1700	Buildings owned	5000
Securities owned	4000	Taxes, all kind	140