Following Is a List of Financial Statement Items and Amounts

Essay

Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1,the end of its first year in operation.
$\begin{array}{lr}\text { Accounts Receivable } & 40,000 \\\text { Accounts Payable } & 30,000 \\\text { Cash } & 10,000 \\\text { Common Stock } & 20,000 \\\text { Notes Payable } & 20,000 \\\text { Equipment } & 50,000 \\\text { Sales Revenue } & 100,000 \\\text { Fuel Expense } & 15,000 \\\text { Rent Expense } & 20,000 \\\text { Advertising Expense } & 5,000 \\\text { Salaries and Wages Expense } & 20,000 \\\text { Retained Earnings } & ? \\\text { Dividends } & 10,000\end{array}$ Required:
Prepare the Income Statement for the year ended December 31,Year 1.
Prepare the statement of retained earnings for the year ended December 31,Year 1.
Prepare the balance sheet for the year ended December 31,Year 1.