Problem:
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