Vernon Company began operations on January $1,$ year $1,$ by issuing common stock for $$31,000$ cash. During year $1,$ Vernon received $$62,200$ cash from revenue and incurred costs that required $$51,200$ of cash payments.

Prepare a GAAP$-$based income statement and balance sheet for Vernon Company for year $1$ under the following:  

Answer rating: 100% (QA)

Income Statement for Year 1 Revenue 62200 Less Costs Cost of Good... View the full answer