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Using the following, prepare an income statement, a statement of retained earnings, and an income statement for the year ended 12/31/2013.
ACCOUNTS PAYABLE
$10,000
ACCOUNTS RECEIVABLE
$15,000
ACCUMULATED DEPRECIATION, EQUIPMENT
5,000
ADMINISTRATIVE EXPENSES
5,200
CASH
11,500
COMMON STOCK
20,500
COST OF GOODS SOLD
25,000
EQUIPMENT
20,000
RETAINED EARNINGS
700
SALARIES PAYABLE
3500
SALES
40000
SELLING EXPENSES
3,000
TOTALS
$ 79,700.00
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