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Stark company has the following adjusted accounts and balances at its December 31 year-end. Notes payable $ 24,000 Accumulated depreciation—Buildings $ 28,000 Prepaid insurance 3,800 Accounts receivable 6,600 Interest expense 760 Utilities expense 2,600 Accounts payable 8,000 Interest payable 620 Wages payable 1,700 Unearned revenue 1,450 Cash 36,000 Supplies expense 460 Wages expense 8,800 Buildings 170,000 Insurance expense 3,100 Dividends 9,500 Common stock 20,400 Depreciation expense—Buildings 8,500 Retained earnings 82,400 Supplies 1,450 Services revenue 85,000
Stark company has the following adjusted accounts and balances at its December 31 year-end. Notes payable $ 24,000 Accumulated depreciation—Buildings $ 28,000 Prepaid insurance 3,800 Accounts receivable 6,600 Interest expense 760 Utilities expense 2,600 Accounts payable 8,000 Interest payable 620 Wages payable 1,700 Unearned revenue 1,450 Cash 36,000 Supplies expense 460 Wages expense 8,800 Buildings 170,000 Insurance expense 3,100 Dividends 9,500 Common stock 20,400 Depreciation expense—Buildings 8,500 Retained earnings 82,400 Supplies 1,450 Services revenue 85,000create a income statement, a statement of retained earnings, and a balance sheet
Provides an income statement, a statement of retained earnings, and a balance sheet based on the given information for Stark company.Income Statement:Revenue:Services Revenue: $85,000Expenses:Insurance Expense: $3,100Supplies Expense: $460Wages Expense: $8,800Utilities Expense: $2,600Interest Expense: $760Net Income: $69,280Statement of Retained Earnings:Beginning Retained Earnings: $82,400Net Income: $69,280Dividends: $9,500Ending Retained Earnings: $142,180Balance Sheet:Assets:Cash: $36,000Accounts Receivable: $6,600Buildings: $170,000Accumulated Depreciation—Buildings: $28,000Prepaid Insurance: $3,800Supplies: $1,450Liabilities:Accounts Payable: $8,000Interest Payable: $620Wages Payable: $1,700Unearned Revenue: $1,450Equity:Common Stock: $20,400Retained Earnings: $142,180...