Total Assets: 73,700 Prepare an income statement, a retained earnings statement
ID: 2564600 • Letter: T
Question
Total Assets: 73,700
Prepare an income statement, a retained earnings statement and a classified balance sheet as of December 31, 2017.
Problem 2-2 These items are taken from the financial statements of Martin Corporation for 2017 Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $31,000 2,000 66,000 18,300 10,100 3,000 12,000 12,000 68,000 3,500 1,800 3,600 11,700 2,200 37,000 17,600Explanation / Answer
PREPARE INCOME STATEMENT :
Retained earnings :
Balance sheet :
Revenue service revenue 68000 Expenses maintenance and repairs expense (1800) Depreciation expense (3600) Insurance expenses (2200) Salaries and wages expenses (37000) Utilities expenses (2000) (46600) Net income 21400