Project #53828 - Prepare Income Statement and Balance Sheet.

Prepare an income statement and a balance sheet for Company X for the year ended December 31, 2014.  

Accounts receivable…………………………………..   $3,000

Accumulated depreciation…………………………… $12,000

Cost of goods sold……………………………………   $4,000

Income tax expense…………………………………..   $1,000

Cash…………………………………………………..   $5,000

Sales………………………………………………….. $10,000

Equipment (gross)……………………………………. $27,000

Selling, general, & administrative expenses………….   $3,000

Common stock (1,000 shares)………………………...   $7,000

Accounts payable…………………………………….  $17,000

Retained earnings…………………………………….  $13,000

Interest expense………………………………………       $200

Inventory……………………………………………..  $17,000

Long-term debt……………………………………….   $3,000

Dividends declared and paid…………………………      $600

Subject Business
Due By (Pacific Time) 01/17/2015 12:00 am
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