Assignment 3 : 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. Income statement for the year ended December 31, 20X6. Retained earnings statement for the year ended December 31, 20X6. Classified balance sheet as of December 31, 20X6.

    Financial assertion of Dickens Company

    Name:

    Institution:

    DICKENS INCOME STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 20*6
    DETAILS
    SHSH
    Sales enrichment

    $15,300
    Less


    Cost of consequence sold

    ($3,180)
    Gross benefit-service

    $12,120




    Less expenses


    Salaries and stipend expense 
    ($2,100)
    Interest expense 
    ($1,200)
    Insurance expense 
    ($630)
    Depreciation expense 
    ($1,005)
    Salaries and stipend payable 
    ($667)
    Allowance assessment payable 
    ($404)($6,006)
    Hues antecedently dividend and assessment
    ($6,006)$6,114
    Allowance assessment expense 

    ($495)
    Dividends 

    ($975)
    Net allowance

    $4,644

    DICKENS BALANCE SHEET AS AT 31ST DECEMBER  20*6
    Unroving effectsSHSHSH
    Property, fund, & equipment 7260-2010
    $5,250
    Land 9300-1005 DEP
    $8,295
    Total unroving effects

    $13,545
    Current effects


    Inventory 
    $2,901
    Accounts receivable 
    $2,430
    Short-term investment 
    $3,600
    Prepaid insurance 
    $180
    Cash
    $3,810
    LESS


    Current liabilities


    Accounts payable $2,502

    Notes payable $183

    Salaries and stipend payable$667

    Allowance assessment payable $404 ($3,756)$9,165
    Net effects

    $22,710
    Financed by


    Common fund

    $2,700
    Mortgage payable

    $10,500
    Retained hues

    $9,444
    Net benefit-service control the year


    Total  

    $22,644

    RETAINED EARNINGS STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 20*6
    Details Shsh
    Retained hues b/f
    $4,800
    Net allowance control the year 20*6
    $5,619
    Total allowance
    $10,419
    Less


    Dividends$975 ($975)
    Benefit-service control the year
    $9,444