Question
ABC Corporation began operations on January 1, 2010. The following information was available for ABC Corporation on December 31, 2010: Service revenue $ 17,000 Common
ABC Corporation began operations on January 1, 2010. The following information was available for ABC Corporation on December 31, 2010:
Service revenue $ 17,000
Common stock $ 10,000
Accounts receivable $ 1,800
Accounts payable $2000
Retained earnings?
Building rental expense $ 9,000
Equipment $ 16,000 Notes payable $ 5,000
Insurance expense $ 1,000 Supplies $ 4,000
Supplies expense $ 200
Cash $ 1,400
Dividends $ 600
(a) Report the revenues and expenses for a period of time in an income statement.
(b) Show the amounts and causes (net income and dividends) of changes in retained earnings during the period in the retained earnings statement.
(c) Present the assets and claims to those assets at a specific point in time in the balance sheet.
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