1. The controller of XYZ Corporation prepared the following adjusted trial balance.

XYZ Company
Trial Balance (adjusted)
12/31/15
	Debit		Credit
Cash	37,400
Supplies	4,200
Prepaid Insurance	3,900
Land	80,000
Equipment	120,000
Accumulated Depreciation - Equipment			42,000
Accounts Payable			14,600
Property Tax Payable			3,000
Interest Payable			6,000
Unearned Service Revenue			700
Mortgage Payable - due in 15 years			50,000
Common Stock			107,700
Retained Earnings, 1/1/15			2,000
Dividends	14,000
Service Revenue			280,500
Salaries & Wages Expense	109,000
Supplies Expense	14,400
Maintenance & Repair Expense	30,500
Advertising Expense	9,400
Utilities Expense	16,900
Property Tax Expense	21,000
Insurance Expense	28,000
Depreciation Expense	5,800
Interest Expense	12,000
	506,500		506,500

Using the attached T-account template:

Document these balances in the attached T-account template.

Label each item B for balance.

Prepare the closing entries (CE), in T-account format. Label each entry CE-1, CE-2, etc.

Using a blank sheet of paper, prepare the following statements:

Income Statement

Statement of Retained Earnings

Balance Sheet

Be sure to properly label each statement (name of company, name of statement, etc.)