Assignment:
The following accounts are from the accounting records of JadaTech Industries. Unless otherwise indicated, assume that all balance sheet items reflect account balances for the fiscal year that began on January 1, 2016 and ended on December 31, 2016. All income statement accounts reflect activities that occurred during that fiscal year.
Paid-in capital 30,000
Gross revenue 675,000
Equipment 21,500
Accounts receivable 60,400
Merchandise inventory 224,500
Income tax expense 85,000
Cash 37,800
Notes payable (long term) 75,600
Interest expense 10,450.40
Depreciation expense 3,149.60
Accumulated depreciation 13,800
Rent expense 17,900
Sales discounts 9,000
Land 47,500
Cost of goods sold 462,000
Retained earnings (1/1/2016) 227,850.40
Accounts payable 24,149.60
1. Prepare the Balance Sheet.
2. Prepare the Income Statement.
3. Calculate the retained earnings if a dividend of $67,200 was paid during the year.
Include a proper heading with each financial statement