Following is a list of financial statement items and amounts forVantage Service as of 12/31/Year 1, the end of its first year inoperation.
Accounts Receivable $ 41,300
Accounts Payable 31,300
Cash 10,130
Common Stock 21,300
Notes Payable 10,260
Equipment 50,650
Sales Revenue 106,500
Fuel Expense 10,130
Rent Expense 11,200
Advertising Expense 5,130
Salaries and Wages Expense 21,300
Retained Earnings ?
Dividends 19,520
Required: Prepare the Income Statement for the year endedDecember 31, Year 1. Prepare the statement of retainedearnings for the year ended December 31, Year 1. Prepare the balance sheet for the year ended December 31, Year1.
