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Expert Answer
Find below the first year financial statements.
1. Income statement.
| PENNY’S POOL SERVICE & SUPPLIES INC. | ||
| Income statement for the year ended December 31 CY |
| Detail | Amount | Amount |
| Sales Revenue | 66000 | |
| Less: Expenses | ||
| Salaries & wages | 25000 | |
| Supplies consumed | 9200 | |
| Other administrative expenses | 5500 | |
| Total expenses | 39700 | |
| Net income before taxes | 26300 | |
| Income taxes | 5000 | |
| Net income | 21300 |
2. Stock holders’ equity
| PENNY’S POOL SERVICE & SUPPLIES INC. | ||
| Statement of stockholders’ equity as at December 31 CY |
| Detail | Common stock | Retained earnings |
| Balance as at December1 | 30000 | |
| Net income | 21300 | |
| Less: Devidends | 20000 | |
| Balance as at December31 | 30000 | 1300 |
Balance Sheet
| PENNY’S POOL SERVICE & SUPPLIES INC. | ||||||||||||||||||||||||||||||
Balance Sheet as at December 31 CY
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