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