Comprehensive Financial Statement Preparation The following information was obtained from the records of Wilcox, Inc., as of December 31, 2009.

Required:
1. Prepare an income statement for the year ended December 31, 2009.
2. Prepare a classified balance sheet as of December 31, 2009.
3. Interpretive Question: Why is the balance in Retained Earnings so large as compared with the balance in Capital Stock?

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Land Buildings Salaries expense Utilities expense Accounts payable Revenues. Supplies $ 42,500 197,550 125,350 5,250 38,050 389,950 72,500 Retained earnings (1/1/09) 311,000