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Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.
Accounts Receivable $ 41,500
Accounts Payable 31,500
Cash 10,150
Common Stock 21,500
Notes Payable 10,300
Equipment 50,750
Sales Revenue 107,500
Fuel Expense 10,150
Rent Expense 11,400
Advertising Expense 5,150
Salaries and Wages Expense 21,500
Retained Earnings ?
Dividends 20,200
Required:
- Prepare the income statement for the year ended December 31, Year 1.
- Prepare the statement of retained earnings for the year ended December 31, Year 1.
- Prepare the balance sheet for the year ended December 31, Year 1.
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