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What was the fulton company profit for the year

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Question - Fulton Company established Jan 1 2019 several investors paid total 200,000 to purchase fulton shares. No additional investment in shares were made during the year. By end of year Fulton had 45,000 cash on hand, office equipment (net) 40,000, inventory 156,000, trades payable of 10,000inventory 156,000, sales for year was 812,000 of this amount customers still owed 20,000, Fulton paid dividends of 25,000 to investors.

Required -

Complete a statement of financial position for Fulton Company end of Dec 31, 2019 in preparing you must calculate ending balance in retained earnings?

What was the Fulton company profit for the year?

Was Fulton successful during its first year of operation?

Reference no: EM132951126

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