Presented here are the amounts of Assets, Liabilities, Stockholders? Equity, Revenues, and Expenses of Extreme Sports, Inc., at October 31, 2018. The items are listed in alphabetical order.

The retained earnings balance of the business was $94,900 at October 31, 2017.

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 October 31, 2018.

3. Prepare the company?s balance sheet at October 31, 2018.

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 October 31, 2018?

d. What is the amount owed on October 31, 2018?

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Accounts Payable . Accounts Receivable.. Advertising Expense... Building. $ 18,000 Interest Expense $ 5,500 14,000 19,000 125,000 Land.. Note Payable.. Property Tax Expense . Rent Expense. Salaries Expense. Salaries Payable.. Service Revenue 35,000 65,000 4,300 Cash. Common Stock Dividends.. Equipment.. 22,000 61,000 6,000 190,000 1,300 18,000 20,000 36,000 50,000 2,800 ... Insurance Expense.. Supplies. ......