Assume that you are the president of APEC Aerospace Corporation. At the end of t
ID: 2537352 • Letter: A
Question
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:
Required information
Prepare an income statement for the year ended December 31.
Prepare a statement of retained earnings for the year ended December 3
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:
Explanation / Answer
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.
Sales revenue 94000 Expenses : Operating expense (60000) Other expense (8850) Total expense (68850) Net income 25150