Following is a list of financial statement items and amounts for Tim Burr’s Tree
ID: 2531226 • 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 $ 40,100 Accounts Payable 30,100 Cash 10,010 Common Stock 20,100 Notes Payable 10,020 Equipment 50,050 Service Revenue 100,500 Fuel Expense 10,010 Rent Expense 10,000 Advertising Expense 5,010 Salaries and Wages Expense 20,100 Retained Earnings ? Dividends 15,440 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. 3. Prepare the balance sheet for the year ended December 31, 20X3.
Explanation / Answer
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.
3. Prepare the balance sheet for the year ended December 31, 20X3.
Service revenue 100500 Expense Fuel expense -10010 Rent expense -10000 Advertising expense -5010 Salary and wages expense -20100 Total expense -45120 Net income 55380