P1-44B Preparing financial statements and evaluating business performance[20–30 min]
Presented here are the accounts of Quick and EZ Delivery Corporationfor the year
ended December 31, 2012.
Requirements1. Prepare Quick and EZ Delivery Corporation’s income statement.
2. Prepare the statement of retained earnings.
3. Prepare the balance sheet.
4. Answer these questions about the company:
a. Was the result of operations for the year a profit or a loss? How much?
b. How much in total economic resources does the company have as it moves
into the new year?
c. How much does the company owe to creditors?
d. What is the dollar amount of the stockholders’ equity in the business at the
end of the year?
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