1. Preparing an income Statement, Statement of retained Earnings, and Balance Sheet. Assume the following information was reported in the December 31.2018. Financial statements of Students Inc. (listed alphabetically, amounts in millions). Accounts Payable $1.731 Other Assets $2,581 Accounts Receivable 845 Other Liabilities 3,107 Fuel Expense 2.536 Other Operating expenses 2,145 Cash 2,213 Other Revenue 336 Contributed Capital 2,153 Property and Equipment 10,874 Dividends 14 Repairs and Maintenance 616 Expense Income Tax Expense 413 Retained Earnings (as at 4,788 December 31, 2018) Interest Expense 69 Salaries Expense 3,213 Parking Fees Expense 560 Supplies on Hand 259 Notes Payable 4,993 Delivery Revenues 9,861 Required: 1. Prepare an income statement for the year ended December 31,2018 2. Prepare a statement of retained earnings for the year ended December 31, 2018 (Assume the balance in retained earnings was 54,157,000,000 at January 15 2018.) 3. Prepare a Balance sheet at December 31, 2018 2. Recording Transactions in a journal and T-Accounts.preparing a Balance sheet T- Accounts. Company Rentals was incorporated as a private company on January 1, 2018. The company's accounts included the following at January 31" 2018 Accounts Payable Building Cash Contributed Capital Equipment $156,000 Land 500,000 Notes Payable, due 2020 24,000 Retained earnings 170,000 Supplies 208,000 $144,000 583,000 66,000 99,000 During the month of February, the company had the following activities: a. Borrowed $150,000 cash from a local bank, payable June 30,2021. b. Repaid $250,000 cash to a local bank Issued 1.500 shares for $150,000 2.Continued... d. Purchased equipment for $30,000, paying $3,000 in cash and signing anote due in six months for the balance. e Purchased supplies for $30,000 on account Required: 1. Summarizes the effects of the February activities using accounts. 2. Record the transaction effects for February in requirement 1. Using journal entry format. 3. Prepare a classified balance sheet as at February 28, 2018 3.Analyzing the effects of transactions Using "T" Accounts, Preparing an Unadjusted Trial Balance and Statement of Retained Earnings Back Yard Parties Inc. rents inflatable games and rides for parties and corporate events. The following transaction occurred in the Month of December, 2018. a. Received $50,000 cash in exchange for company shares. b. Purchased rides and party equipment, paying $20,000 cash. c. Received $5,000 cash from hourly rentals. d. Rented rides and equipment to customers for $10,000;received cash of $2,000 and the rest is due form customers. e. Received $2,000 from a corporate client as a deposit on a party booking in January 1,2019. f. Began to prepare for the January 1 party by purchasing various supplies on account for $600. 8. Paid $6,000 in cash for rent for the month of December. h. Prepaid next month's rent for $6,000. i. Received $1,000 from customers on accounts receivable. j. Paid $4,000 in wages to employees for work done during the month. k. Paid $1000 for television advertising for the month. Required: 1. Set up appropriate 'T" accounts. All accounts begin with zero balances. 2. Record in the 'T" accounts the effects of each transaction above for Back Yard Parties in December, referencing each transaction in the accounts with the transaction letter. Total and show the appropriate end balances in the "T" accounts for the month of December. 3. Prepare an unadjusted trial balance for the end of December. 4. Prepare a statement of Retained Earnings in proper form for the month ending December 31, 2018 for Back Yard Parties Inc