Preparing an Income Statement and Balance Sheet Assume that you are the president of APEC Aerospace… 1 answer below »

Preparing an Income Statement and Balance Sheet Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31, 2009), the following financial data for the company are available:

Cash

$13,900

Accounts Receivable

9,500

Supplies

9,000

Equipment

86,000

Accounts Payable

30,277

Notes Payable

1,220

Sales Revenue

94,000

Operating Expenses

60,000

Other Expenses

8,850

Contributed Capital

62,853

Dividends

1,100