A. Prepare t-accounts for all balance sheet, income statement, and statement of retained earnings accounts and record the years transactions in them. Continue process far enough to prepare parts b and c.

B. Prepare an income statement and a statement of retained earnings for the year ended December 31,2014 for the homer company.

C. Prepare the homer company's December 31, 2014 balance sheet

HOMER COMPANY Balance Sheet December 31, 2013 Assets Current Assets: Cash Accounts receivable, net Inventory Prepaid expenses Property, Plant, and Equipment Land Buildings and equipment 60,000 130,000 210,000 20,000360,000 50,000 (net of accumulated depreciation of $150,000) 350,000 400,000 Total Assets $820,000 Liabilities and Stockholder's Equity Current Liabilities: Accounts payable Accrued income taxes payable Accrued expenses payable $ 70,000 50,000 30,000 $150,000 Long- Term Liabilities: Bonds payable, 9%, due 2040 Total Liabilities 200,000 $350,000 Stockholder's Equity: Capital Stock $300,000 ($30 par value, 10,000 shares outstanding) 170,000 Retained earnings Total Equity 470,000 $ 820,000 Total Liabilities and Stockholders' Equity r Company for 2014 were