Gray Corporation began operations on January 1, 2017. The following information is available for Gray Corporation on December 31, 2017.

Prepare an income statement, a retained earnings statement, and a balance sheet for Gray Corporation.

Transcribed Image Text:

Accounts payable Accounts receivable Advertising expense Cash Common stock Dividends Equipment $5,000 2,000 4,000 3,100 15,000 2,500 26,800 Notes payable Rent expense Retained earnings Service revenue Supplies Supplies expense $ 7,000 10,000 25,000 1,900 1,700