Accounting

Option #1: Income Statement, Retained Earnings, and Balance Sheet for Dickens Corp.

Dickens Corp.’s fiscal year ends on December 31. It started fiscal year 20X6 with $4,800 retained earnings. Below is its financial information as of December 31, 20X6.

Cash

$3,810

Depreciation expense

$1,005

Accumulated depreciation-property, plant, & equipment

$2,010

Accounts receivable

$2,430

Inventory

$2,901

Dividends

$975

Salaries and wages expense

$2,100

Income tax payable

$404

Short-term investment

$3,600

Accounts payable

$2,502

Property, plant, & equipment

$7,260

Salaries and wages payable

$667

Land

$9,300

Interest expense

$1,200

Mortgage payable

$10,500

Cost of goods sold

$3,180

Insurance expense

$630

Prepaid insurance

$180

Notes payable

$183

Sales Revenue

$15,300

Common stock

$2,700

Income tax expense

$495

Prepare the following financial statements for Dickens Corp. Ensure you include appropriate headings and statements are in good form.

  1. Income statement for the year ended December 31, 20X6.
  2. Retained earnings statement for the year ended December 31, 20X6.
  3. Classified balance sheet as of December 31, 20X6.
 
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