Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission.
Option #1: Income Statement, Retained Earnings, and Balance Sheet for Dickens Corp.
Dickens Corp.'s fiscal year ends on December 31. It started fiscal year 20X6 with $4,800 retained earnings. Below is its financial information as of December 31, 20X6.
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Cash
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$3,810
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Depreciation expense
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$1,005
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Accumulated depreciation-property, plant, & equipment
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$2,010
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Accounts receivable
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$2,430
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Inventory
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$2,901
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Dividends
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$975
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Salaries and wages expense
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$2,100
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Income tax payable
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$404
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Short-term investment
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$3,600
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Accounts payable
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$2,502
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Property, plant, & equipment
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$7,260
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Salaries and wages payable
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$667
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Land
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$9,300
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Interest expense
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$1,200
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Mortgage payable
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$10,500
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Cost of goods sold
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$3,180
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Insurance expense
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$630
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Prepaid insurance
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$180
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Notes payable
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$183
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Sales Revenue
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$15,300
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Common stock
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$2,700
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Income tax expense
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$495
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Prepare the following financial statements for Dickens Corp. Ensure you include appropriate headings and statements are in good form.
1. Income statement for the year ended December 31, 20X6.
2. Retained earnings statement for the year ended December 31, 20X6.
3. Classified balance sheet as of December 31, 20X6.