Reference no: EM131811591

Trial Balance		Adjustments		Income Statement		Retained Earnings Statement		Balance Sheet
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	3,800
Prepaid Rent	2,400
Office Equipment	7,000
Accumulated Depreciation		1,400
Note Payable (due 7/1/17)		2,000
Common Stock (200 shares		4,000
Retained Earnings (1/1/16)		3,200
Dividends	200
Consulting Revenues		6,100
Salaries Expense	2,500
Miscellaneous Expenses	800
Totals	16,700	16,700

Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017.

Required:

1. Complete the worksheet. Enter all amounts as positive numbers.

Additional information: On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, the office equipment is being depreciated on a straight - line basis over a 10 - year life, and no residual value is expected, interest of $150 has accrued on the note payable but has not been paid, and the income tax rate is 30% on current income and will be paid in the first quarter of 2017.