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Following is a list of financial statement items and amounts for Vantage Service as of...

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Accounting

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:

  1. Prepare the income statement for the year ended December 31, Year 1.
  2. Prepare the statement of retained earnings for the year ended December 31, Year 1.
  3. Prepare the balance sheet for the year ended December 31, Year 1.

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