Following is a list of financial statement items and amounts for Tim Burr’s Tree
ID: 2417832 • Letter: F
Question
Following is a list of financial statement items and amounts for Tim Burr’s Tree Service as of 12/31/X3, the end of its first year in operation.
Accounts Receivable $ 40,900 Accounts Payable 30,900 Cash 10,090 Common Stock 20,900 Notes Payable 10,180 Equipment 50,450 Service Revenue 104,500 Fuel Expense 10,090 Rent Expense 10,800 Advertising Expense 5,090 Salaries and Wages Expense 20,900 Retained Earnings ? Dividends 18,160
Required: 1. Prepare the Income Statement for the year ended December 31, 20X3. 2. Prepare the statement of retained earnings for the year ended December 31, 20X3.
Explanation / Answer
Income Statement for the year ended December 31, 20X3 particulars amount $ service revenue 104500 fuel expensses 10090 rent expenses 10800 advertising exp 5090 salaries & wage 20900 profit 57620 devidend 18160 retained earning 39460 amount amount common stock 20900 account receivables 40900 account payables 30900 equipement 50450 notes payable 10180 cash 10090 total 61980 total 101440 difference is ratained earnings 39460