Prepare a trial balance, income statement, statement of retained earnings, and balance sheet (Learning Objective 4) 20–25 min.

The accounts of Apex Consulting, Inc., follow with their normal balances at January 31, 2014. The accounts are listed in no particular order.

Requirements 1. Prepare the company’s trial balance at January 31, 2014, listing accounts in the proper order. List the largest expense first, the second-largest expense next, and so on.
2. Prepare the year-end financial statements: income statement, statement of retained earnings, and balance sheet. The retained earnings balance of $10,400 is the beginning balance for the year; it has not been updated for the current year’s income or loss.
3. Was it a profitable year for Apex Consulting, Inc.? Why or why not?AppendixLO1

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Account Balance Common Stock.... $34,300 Insurance Expense.. 2,000 Accounts Payable.. 4,500 Service Revenue 126,500 Land............... 54,000 Supplies Expense. 3,500 Cash............... 7,600 Salaries Expense. 62,000 Building.......... 99,000 Rent Expense........ 7,500 Dividends 14,000 Utilities Expense.. 5,400 Retained Earnings....... 10,400 Accounts Receivable... 5,500 Notes Payable....... 85,000 Supplies........... 200