Prepare a income statement and a retained earnings statement

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Reference no: EM132991602

Question:

The following items are taken from the financial statements of One Headlight Company for 2020:

Accounts payable $10,500

Accounts receivable 14,000

Accumulated depreciation-equipment 10,000

Unearned Rent Revenue 5,000

Cash 23,000

Common stock 25,000

Depreciation expense 5,000

Dividends 20,000

Equipment 30,000

Utilities expense 9,000

Rent Expense 12,000

Service Revenue 75,000

Retained earnings, January 1 33,500

Salaries and wages expense 62,000

Rent Revenue 16,000

Instructions

Prepare a income statement and a retained earnings statement for the year ended December 31, 2020.

Reference no: EM132991602

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