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 Accounts Payable Cash Contributed Capital Common Shares Notes Payable Equipment Sales Revenue Fuel Expense Rent Expense Advertising Expense Salaries and Wages Expense Retained Earnings Dividends Required 1 Required 2 $ 40,600 30,600 10,060 Required: 1. Prepare the Income Statement for the year ended December 31, Year 1. 2. Prepare the statement of retained earnings for the year ended December 31, Year 1. 3. Prepare the balance sheet for the year ended December 31, Year 1. Complete this question by entering your answers in the tabs below. Required 3 20,600 10,120 50,300 103,000 10,060 10,500 5,060 20,600 ? 17,140
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 Accounts Payable Cash Contributed Capital Common Shares Notes Payable Equipment Sales Revenue Fuel Expense Rent Expense Advertising Expense Salaries and Wages Expense Retained Earnings Dividends Required 1 Required 2 $ 40,600 30,600 10,060 Required: 1. Prepare the Income Statement for the year ended December 31, Year 1. 2. Prepare the statement of retained earnings for the year ended December 31, Year 1. 3. Prepare the balance sheet for the year ended December 31, Year 1. Complete this question by entering your answers in the tabs below. Required 3 20,600 10,120 50,300 103,000 10,060 10,500 5,060 20,600 ? 17,140
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Accounts Payable
Cash
Contributed Capital -Common Shares
Notes Payable.
Equipment
Sales Revenue
Fuel Expense
Rent Expense
Advertising Expense
Salaries and Wages Expense
Retained Earnings
Dividends
$ 40,600
30,600
10,000
20,600
10,120
Required:
1. Prepare the Income Statement for the year ended December 31, Year 1.
2. Prepare the statement of retained earnings for the year ended December 31, Year 1.
3. Prepare the balance sheet for the year ended December 31. Year 1.
Required 1 Required 2 Required 3
50, 300
103,000
10,060
10,500
5,060
20,600
?
17,140
Complete this question by entering your answers in the tabs below.
VANTAGE SERVICE
Prepare the Income Statement for the year ended December 31, Year 1.
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