Prepare a Balance Sheet and Income Statement
My accountant has given me the following list of account balances for Moes Tires as of December 31, 2003:
Acccounts Payable 7,500
Accounts Receivable 10,000
Building 4,000
Cash 2,500
Common Stock 3,000
Cost of Goods Sold 5,000
Depreciation 1,000
Furniture and Fixtures 1,500
Inventory 2,000
Long Term Debt 8,000
Payoll Expenses 2,000
Sales 10,000
Taxes 400
Create a Balance Sheet and Income Statement.
Determine the Retained earnings as of 12/31/03.
Retained Earnings for the prior period was $1,000, determine if divedends were paid and if so, for how much?