Reference no: EM131646389

Question - Use the following account information to develop an income statement, statement of stockholders equity and balance sheet for Gibbons Company as of December 31, 2015.

Gibbons Company Account Amount

Accounts Payable $ 3,500

Accounts Receivable 8,000

Accrued Expenses Payable 1,200

Accumulated Depreciation 6,000

Additional Paid-in-Capital 2,000

Cash 4,400

Common Stock 8,000

Cost of Goods Sold 4,000

Depreciation 2,500

Dividends Payable 600

Gain on Disposal of Assets 100

Income Tax Expense 200

Interest Expense 400

Inventory 2,800

Long-Term Investment 2,000

Long-Term Notes Payable 12,000

Prepaid Expenses 200

Property and Equipment 25,000

Retained Earnings Beginning Balance 11,800

Sales Revenue 9,500

Selling and Administrative Expense 1,400

Short-Term Investment 100

Unearned Revenue 300