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    Income Statements and Balance Sheets

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    Based on the financial information below, prepare an income statement and a balance sheet for Joe's-Fly-by-Night Oil company for the year ended December 31, 2011. Unless otherwise indicated, assume all information below is either for the year 2011 or as of December 31, 2011.

    Accounts receivable.............................................. $3,000
    Accumulated depreciation..................................... $12,000
    Cost of goods sold................................................. $4,000
    Income tax expense............................................. $1,000
    Cash.................................................................... $5,000
    Sales................................................................... $10,000
    Equipment (gross)............................................... $27,000
    Selling, general, & administrative expenses........... $3,000
    Common stock (1,000 shares)............................. $7,000
    Accounts payable................................................ $17,000
    Retained earnings............................................... $13,000
    Interest expense................................................ $200
    Inventory........................................................... $17,000
    Long-term debt................................................... $3,000
    Dividends declared and paid.................................. $600

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    https://brainmass.com/business/finance/income-statements-balance-sheets-468719

    Solution Summary

    income statements and balance sheets are examined. The accounts receivables are determined.

    $2.19

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