Reference no: EM132642100

The? assets, liabilities, and equities of Drammel Design Studio have the following balances at December 31?, 2018. The retained earnings was $37,000 at the beginning of the year. At year? end, common stock was $19,000 and dividends were $56,000.

Acct balance as follows

notes payable 10,200             office furniture 42,300
rent expense 24,000               utilities exp 6,400
cash 3,300                          accounts payable 3,500
office supplies 4,800           service revenue 153,800
salaries exp 69,000             accounts receivable 12,100
property tax exp 1,900        miscellanous exp 3,700.

INCOME STATEMENT
dramme design studio
year ended december 31, 2018
revenue
service revenue 153,800
expenses;
salaries expenses 69,000
rent expense 24,000
utilities exp 6,400
miscellanous exp 3,700
property tax exp 1,900
total expense 105,000
net income 48,800

Drammel design studio
statement of retained earnings
year ended december 31, 2018
Retained earnings, january 1, 2018 37,000
net income for the year 48,800
= 85,800
dividends (56,000)
retained earnings, december 31, 2018 ( 29,800)

Problem 1: Prepare the balance sheet for Drammel Design Studio as of December 31?, 2018. ?(If a box is not used in the table leave the box? empty; do not select a label or enter a? zero.)