Solution-These items are taken from the financial

These items are taken from the financial statements of Xenox Corporation for 2012.

Retained earnings (beginning of year)	$31,000
Utilities expense	2,000
Equipment	66,000
Accounts payable	18,300
Cash	10,100
Salaries and wages payable	3,000
Common stock	12,000
Dividends	12,000
Service revenue	$68,000
Prepaid insurance	3,500
Maintenance and repairs expense	$1,800
Depreciation expense	3,600
Accounts receivable	11,700
Insurance expense	2,200
Salaries and wages expense	37,000
Accumulated depreciation-equipment	17,600

Instructions

Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2012.

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