Required information Preparing an Income Statement and Balance Sheet and Interpreting the Financial Statements [LO 1-2, LO 1-3]
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At the end of the first year of operations (December 31, 2021), the following financial data for APEC Aerospace Corporation are available:

Accounts Payable $ 33,130
Accounts Receivable 9,500
Cash 13,900
Common Stock 10,000
Dividends 1,100
Equipment 86,000
Notes Payable 51,220
Operating Expenses 60,000
Other Expenses 8,850
Sales Revenue 94,000
Supplies 9,000