Reference no: EM132636203
Tiffany's provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts:
Advertising Expense$31,200
Service revenue$129,300
Buildings 108,000
Interest Expense 3,500
Salaries Expense 67,800
Utilities Expense 14,500
Accounts Payable 6,300
Equipment 25,700
Cash 6,400
Notes payable 30,000
In addition, the company had common stock of $60,000 at the beginning of the year and issued an additional $15,000 during the year. The company also had retained earnings of $20,000 at the beginning of the year and paid dividends of $3,500.
Required:
Question 1. Prepare the income statement Tiffany's for the year ended December 31.
Question 2. Prepare the statement of stockholders' equity Tiffany's for the year ended December 31.
Question 3. Prepare the balance sheet Tiffany's for the year ended December 31. (Be sure to list the assets and liabilities in order of their liquidity.)
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