In its closing financial statements for its first year in business, ABC Enterprises, had cash...
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Finance
In its closing financial statements for its first year in business, ABC Enterprises, had cash of $240, accounts receivable of $850, inventory of $845, net fixed assets of $3,410, accounts payable of $710, short-term notes payable of $770, long-term liabilities of $1,100, common stock of $1,160, retained earnings of $1,605, net sales of $2,768, cost of goods sold of $1,210, depreciation of $160, other operating expenses of $200, interest expense of $160, taxes of $312, addition to retained earnings of $508, and dividends paid of $218. From the information provided create the company's income statement and balance sheet in proper accounting format.
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