Partial adjusted trial balance data for Lopez Company is presented in BE. The adjusted trial balance of

Question:

Partial adjusted trial balance data for Lopez Company is presented in BE.

The adjusted trial balance of Lopez Company at December 31, 2014, includes the following accounts: Common Stock $15,600; Dividends $6,000; Service Revenue $38,400; Salaries and Wages Expense $16,000; Insurance Expense $2,000; Rent Expense $4,400; Supplies Expense $1,500; and Depreciation Expense $1,300. Prepare an income statement for the year.

Prepare a retained earnings statement for the year assuming net income is $13,200 for the year and Retained Earnings is $7,240 on January 1.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...