the following post closing trial balance was drawn from the ac 381606

The following post closing trial balance was drawn from the accounts of Spruce Timber Co. as of December 31, 2012.

Debit Credit

Cash $6,000

Accounts receivable 18,000

Allowance for doubtful accounts $2,000

Inventory 24,000

Accounts Payable 9,200

Common stock 20,000

Retained earnings 16,800

Totals $48,000 $48,000

Transactions for 2013

1. Acquired an additional $10,000 cash from the issue of common stock

2. Purchased $60,000 of inventory on account

3. Sold inventory that cost $62,000 for $95,000. Sales were made on account

4. Wrote off $1,100 of uncollectible accounts

5. On September 1, Spruce loaned $9,000 to Pine Co. The note had a 7% interest rate and a one year term.

6. Paid $15, 800 cash for salaries expense

7. Collected $80,000 cash from accounts receivable

8. Paid $52,000 cash on accounts payable

9. Paid a $5,000 cash dividend to teh stockholders

10. Estimated uncollectible accounts expense to be 1% of sales on account

11. Recorded teh accrued interest at December 31, 2013

a. Organize the transaction data in accounts under on accounting equation

b. Prepare an income statement, a statement of changes in stockholders’ equity, a balance sheet, and a statement of cash flows for 2013

what is the answer for ‘a’ and ‘b’?