Question

Following is a list of financial statement items and amounts for Vantage Service as of 12/31/2020, the end of its first year in operation. Accounts Receivable Accounts Payable Cash Common Stock Notes Payable Equipment Sales Revenue Fuel Expense Rent Expense Advertising Expense Salaries and Wages Expense Retained Earnings Dividends $ 41,400 31,400 10,140 21,400 10,280 50,700 107,000 10,140 11,300 5,140 21,400 ? 19,860 16 Required: 1. Prepare the income Statement for the year ended December 31, 2020 2. Prepare the statement of retained earnings for the year ended December 31, 2020. 3. Prepare the basic (not classified) balance sheet for the year ended December 31, 2020.

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Answer 1

107,000 VANTAGE SERVICE Income Statement For the Year Ended December 31, Year 1 Sales Revenue Less: Expenses Fuel Expense 10,140 Rent Expense 11,300 Advertising Expense 5,140 Salaries and Wages Expenses 21,400 Total Expenses Net Income 47980 59,0201 Retained Earnings, Opening Add/Less: Net Income (Loss) Less: Dividend Retained Earnings, Closing VANTAGE SERVICE Statement of Retained Earnings For the Year Ended December 31, Year 1 (As it is the first year of operations) 59,020 19860 39,160 39,160

VANTAGE SERVICE Balance Sheet December 31, Year 1 Assets 10,140 41,400 51,540 Current Assets: Cash Accounts receivable Total current assets Property, plant, and equipment Equipment Less: Acc. Dep. - Equipment Property, plant and equipment, Net Total Assets 50,700 50,700 102,240 Liabilities 31,400 31,400 Current Liabilities: Accounts Payable Total Current Liabilities - Long-term Liabilities: Notes Payable Total liabilities 10,280 41,680 Shareholders' Equity 21,400 39,160 Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Sheet1 Sheet2 Sheet3 60,560 102,240

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