These items are taken from the financial statements of Martin Corporation for 2017. Retained earnings (beginning of

Question:

These items are taken from the financial statements of Martin Corporation for 2017.

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, 2017.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  book-img-for-question

Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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