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2 The year-end financial statements of Fighting Illini Financial Services are provided below. FIGHTING ILLINI Service revenue Expenses: Salaries Supplies Rent Delivery Net income
2 The year-end financial statements of Fighting Illini Financial Services are provided below. FIGHTING ILLINI Service revenue Expenses: Salaries Supplies Rent Delivery Net income Income Statement $85,200 $49,100 9,200 7,600 3,800 69,700 $15,500 FIGHTING ILLINI Statement of Stockholders' Equity Common Retained Total Stockholders' Stock Earnings Equity Beginning balance, Jan. 1 $61,000 $32,400 93,400 Issue stock 15,500 15,500 Net income 15,500 15,500 Dividends (6,100) (6,100) Ending balance, Dec. 31 $76,500 $41,800 $118,300 FIGHTING ILLINI Balance Sheet Assets Liabilities Cash $ 6,700 Accounts payable Accounts receivable Land Total assets 9,300 111,000 $127,000 Stockholders' Equity: Common stock Retained earnings Total liabilities and equities $ 8,700 $76,500 41,800 118,300 $127,000
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