Question

Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.Accounts Receivable $ 41,300Accounts Payable 31,300Cash 10,130Common Stock 21,300Notes Payable 10,260Equipment 50,650Sales Revenue 106,500Fuel Expense 10,130Rent Expense 11,200Advertising Expense 5,130Salaries and Wages Expense 21,300Retained Earnings ?Dividends 19,520Required: Prepare the Income Statement for the year ended December 31, Year 1. Prepare the statement of retained earnings for the year ended December 31, Year 1. Prepare the balance sheet for the year ended December 31, Year 1.

Answer 1

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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