Question: The table below has miscellaneous jumbled financial data for 2019 (in $000s). Lets develop the 2019 income statement, the December 31, 2019 balance sheet, and

The table below has miscellaneous jumbled financial data for 2019 (in $000s). Lets develop the 2019 income statement, the December 31, 2019 balance sheet, and statement of retained earnings for 2019 for the High Uinta Corporation from the data. The past December 31, 2018 balance sheet is also provided. From the year-end 2019 and 2018 balance sheets, plus the 2019 income statement, we shall prepare the statement of cash flows, and the sources and uses statement for 2019.

HIGH UINTA CORPORATION

Accounts Payable

$130

Depreciation Expense

$65

Long-Term Debt--Current Portion

$50

Inventory

$975

Preferred Stock

$50

Common Stock Dividend

$80

Interest Expense

$155

Accumulated Depreciation

$675

Marketable Securities

$75

Miscellaneous Expenses

$45

Mortgage Debt

$350

Accounts Receivable

$585

Capital Surplus

$175

Tax Expense

$184

Patents

$175

Miscellaneous Long-Term Assets

$50

Accrued Expenses

$20

Net Sales

$4,250

Wages Payable

$65

Selling & Administrative Expense

$925

Notes PayableBank

$130

Gross Plant & Equipment

$1,850

Long-Term DebtBonds

$575

Cash

$427

Cost of Goods Sold

$2,520

Taxes Payable

$51

Common Stock

$250

Amortization of Patent

$15

Retained Earnings--January 1, 2019

$1,395

Preferred Dividend

$40

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