Reference no: EM132830520

Several accounts and amounts from the financial statements of a recently opened Blue Rifle Coffee appear below for the year ending December 31, Year 1.

Equipment 43,600
Cash 10,600
Dividends 12,000
Common stock 50,000
Retained earnings 37,000
Accumulated depreciation 17,000
Note payable, due 12-31-Yr 5 $30,000
Other operating expenses 6500
Sales revenue 120,000
Cost of goods sold 48,000
Buildings 57,500
Salaries expense 11,300

Inventory 7,200
Accounts receivable 3,900
Accounts payable 5800

Problem 1: Create an income statement for Year 1 for Blue Rifle Coffee.