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During 2012, the following events occurred for Wilmont Company:
performed services for which generated sales revenues of $286,000. Of this amount, $270,000 had been collected by year end.incurred $130,000 of cost for employee wagesincurred interest expense of $1,700incurred $80,000 for service expensesincurred $18,575 of income tax expensedeclared and paid cash dividends of $6,000
Prepare an income statement for Wilmont for the year.
At the start of 2012, Wilmont reported retained earnings totaling $940,000. Prepare a statement of retained earnings.
What was the balance that customers owed Wilmont at the end of 2012 (balance of Accounts Receivable)?
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