(Answered) Assume that you are the president of apec aerospace

Accounting

Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available:

Accounts Payable... $ 33,130

Accounts Receivable... 9,500

Cash... 13,900

Common Stock... 10,000

Dividends... 1,100

Equipment... 86,000

Notes Payable... 51,220

Operating Expenses... 60,000

Other Expenses... 8,850

Sales Revenue... 94,000

Supplies... 9,000

Required:

1. Prepare an income statement for the year ended December 31.

2. Prepare a statement of retained earnings for the year ended December 31.

3. Prepare a balance sheet at December 31.

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