For December 31, 20X1, the
Sales for 20X2 were
During 20X2, the cash balance and prepaid expenses balances were unchanged. Accounts receivable and inventory increased by 10 percent. A new machine was purchased on December 31, 20X2, at a cost of
Accounts payable increased by 20 percent. Notes payable increased by
a. Prepare an income statement for 20X2.
b. Prepare a statement of
c. Prepare a balance sheet as of December 31, 20X2.
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