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Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission.
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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