Reference no: EM132795173
Question - The amounts of assets and liabilities of Loose Caboose Cigar Lounge at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $250,000 on January 1, 2019, the beginning of the year. During the year dividends of $5,000 were paid.
Accounts payable $14,000
Cash 19,000
Common stock 50,000
Sales 350,000
Inventory 78,000
Rent expense 22,500
Utilities expense 16,700
Wages expense 100,000
Cost of Sales 85,000
Fixtures & Equipment 337,800
Required -
1. Create an income statement for the year ended December 31, 2019?
2. Create a retained earnings statement for the year ended December 31, 2019?
3. Create a balance sheet as of December 31, 2019?
4. What item appears on both the retained earnings statement and the balance sheet?