Following Is a List of Financial Statement Items and Amounts

question 221

Essay

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.
$\begin{array}{lr}\text { Accounts Receivable } & 40,000 \\\text { Accounts Payable } & 30,000 \\\text { Cash } & 10,000 \\\text { Common Stock } & 20,000 \\\text { Notes Payable } & 20,000 \\\text { Equipment } & 50,000 \\\text { Sales Revenue } & 100,000 \\\text { Fuel Expense } & 15,000 \\\text { Rent Expense } & 20,000 \\\text { Advertising Expense } & 5,000 \\\text { Salaries and Wages Expense } & 20,000 \\\text { Retained Earnings } & ? \\\text { Dividends } & 10,000\end{array}$ Required:
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.

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Definitions:

Information Technology Research

The study and exploration of technology-related topics to advance knowledge in the field of IT.

Productive Work

Work that efficiently achieves goals and produces significant results or outputs.

Self-Discipline

The ability to control one's feelings, impulses, and actions to achieve long-term goals.

Telecommuter

An individual who works remotely, often from home, using technology to perform their job and communicate with colleagues and clients.