Following are the amounts of the assets amp liabilities of

Reference no: EM13587112

Following are the amounts of the assets & liabilities of YXZ Company at Dec. 31, 2010, the end of the accounting cycle, and its revenue and expenses for the year. Retained Earnings was $15,850 on January 1, 2010. DIvidends of $23,000 were paid during the year.

Prepare:

1. An Income Statement

2. A statment of changes in retained earnings

3. A balance sheet

Salay Expense $20,000
Land 18,000
Cash 92,000
Accounts Payable 42,000
Rent Expense 12,000
Supplies 500
Rent Payable 700
Interest Expense 450
Accounts Receivable 10,000
Service Revenue 100,000
Utilities Expense 8,750
Capital Stock 37,000
Equipment 10,000
Supplies Expense 850

Reference no: EM13587112

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