Presented here are the amounts of Assets, Liabilities, Stockholders€™ Equity, Revenues, and Expenses of Fast and Fit, Inc., at March 31, 2012. The items are listed in alphabetical order.

The retained earnings balance of the business was $132,700 at March 31, 2011.

Requirements
1. Identify each amount shown as an asset, liability, or stockholders€™ equity.
2. Prepare the company€™s income statement and statement of retained earnings for the year ended March 31, 2012.
3. Prepare the company€™s balance sheet at March 31, 2012.
4. Answer these questions about the company:
a. What was the profit or loss for the year?
b. What was the increase or decrease of retained earnings for the year?
c. What is the amount of economic resources on March 31, 201 2?
d. What is the amount owed on March 31,2012?

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S 16,000 Interest Expense Accounts Payable Accounts Receivable.. Advertising Expense..5,000 Note Payable. Building Cash Common Stock Dividends Equipment. Insurance Expense .. S 6,000 35,000 62,000 3,500 23,000 92,000 3,000 166,000 1,900 22,000 Land. 125,000 Property Tax Expense 16,000 Rent Expense 35,000 Salaries Expense 8,000 Salaries Payable... 45,000 Service Revene 2,300 Supplies