Atlas, Inc. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31, 2012 year end.
Beginning retained earnings was $120,000 and dividends were $5,000 for the year. Prepare the income statement, statement of retained earnings, and balance sheet for Atlas, Inc. for the current year.
Definitions:
Speed Up Payments
Actions or policies implemented to reduce the time it takes to receive payments from customers, thereby improving cash flow.
Lockboxes
A service provided by banks to process payments more quickly by having checks sent to a special post office box instead of the company's address.
Customer Payments
The payments made by customers for products or services received from a company.
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