1. The following is selected financial information for Affiliated Company as of December 31, 2011: liabilities, $34,000; equity, $56,000; assets, $90,000.
Required
Prepare the balance sheet for Affiliated Company as of December 31, 2011.
2. The following is selected financial information for Sun Energy Company for the year ended December 31, 2011: revenues, $65,000; expenses, $50,000; net income, $15,000.
Required
Prepare the 2011 calendar-year income statement for Sun Energy Company.