Preparing Financial Statements ABC, Inc. has the following account balances at December 31, 2004.
|
Accounts payable |
$17,080 |
Income tax expense |
$1,300 |
|
Accounts receivable |
9,400 |
Land |
50,000 |
|
Accumulated depreciation |
26,100 |
Notes payable |
30,000 |
|
Buildings |
60,000 |
Retained earnings, |
|
|
Cash |
20,880 |
31 Dec 03 |
17,000 |
|
Contributed capital31,000 |
31,000 |
Sales revenue |
26,000 |
|
Cost of goods sold |
15,600 |
Supplies |
7,500 |
|
Depreciation expense |
2,200 |
Wages expense |
3,000 |
|
Dividends paid |
1,200 |
Wages payable |
23,900 |
During the year 2004, the company issued $6,000 of new common stock.
Required From this information, prepare (A) an income statement, (B) a statement of stockholders” equity, and (C) a classified balance sheet. (D) Show how the three financial statements articulate. (Note: In parts (A), (B), and (C), include appropriate headings and subheadings in the financial statements that you prepare.)