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Question - The following items are taken from the financial statements of Grove Company for 2010:
Accounts Payable $ 18,500
Accounts Receivable 4,000
Accumulated Depreciation 4,800
Bonds Payable 18,000
Cash 24,000
Common Stock 25,000
Cost of Goods Sold 13,000
Depreciation Expense 4,800
Dividends 5,300
Equipment 48,000
Interest Expense 2,500
Patents 7,500
Retained Earnings, January 1 16,000
Salaries Expense 5,200
Sales Revenue 36,500
Supplies 4,500
Instructions - Prepare an income statement and a retained earnings statement for Grove Company.
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