Based on the financial information below, prepare an income statement and a balance sheet for Joeâ€™s-Fly-by-Night Oil company for the year ended December 31, 2012. Unless otherwise indicated, assume all information below is either for the year 2012 or as of December 31, 2012.
Accounts receivableâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦.. $3,000
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Accumulated depreciationâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦ $12,000
Cost of goods soldâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦ $4,000
Income tax expenseâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦.. $1,000
Equipment (gross)â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. $27,000
Selling, general, & administrative expensesâ€¦â€¦â€¦â€¦. $3,000
Common stock (1,000 shares)â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦… $7,000
Accounts payableâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. $17,000
Retained earningsâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. $13,000
Interest expenseâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦ $200
Long-term debtâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. $3,000
Dividends declared and paidâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦ $600