The following items are taken from the annual adjusted trial balance prepared as ofDecember 31, Y1. All accounts have normal balances. Prepare a detailed IncomeStatement, Statement of Retained Earnings and Balance Sheet in proper order andproperly labeled using the below tables. Cash $14,000 Common Stock $??
Account payable $5,000 Equipment $12,000
Accumulated Depriciation $2,000 Cost of goods sold $6,000
Sales $15,000 Prepaid Insurance $1,000
Dividends $1,000 Bonds payable 5,000
Beginning retained earnings $2,000 Other Expenses $4,000
Sales discounts 1,000