Reference no: EM131883320

Problem - Given are the amounts of assets, liabilities, owner's equity, revenues, and expenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at 1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out by the owners of Aqua Inc. Prepare the yearend Balance Sheet and Income Statement for AQUA LLP at the end of the year.

(Include Correct Headings)

Accounts Payable $59,000                     Land $78,000

Accounts Receivable 15,000                   Unearned Revenue 45,000

Advertising Expense 13,000                   Utilities Expense 5,000

Building 160,000                                   Rent Expense 13,000

Cash 140,000                                       Operating Expenses 23,000

Supplies 10,000                                    Common Stock 240,000

Salary payable 2,000                            Accumulated Depreciation 10,000

Prepaid Insurance Expense 20,000         Service Revenue 170,000

Interest Expense 9,000                         Retained Earnings ?