Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Debit $ 47,100 11,700 460 Credit 800 17,400 $ 8,400 Other assets Accounts payable Wages payable 9,260 2,210 Income taxes payable Note payable (3 years; 10% interest due each December 31) 11,000 Common stock (5,700 shares outstanding) Additional paid-in capital 2,036 18,324 Retained earnings Service revenue Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 5,900 72,150 33,300 $ 120,020 $ 120,020 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $230 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $800. c. Depreciation expense for the current year, $3,400. d. Wages earned by employees not yet paid on December 3, $600. e. Income tax expense, $5,880. TUNSTALL, INC. Income Statement For the Year Ended December 31 Operating revenues Service revenue $ 72,150 Operating expenses Supplies expense 230 Insurance expense 800 Depreciation expense 3,400 Wages expense 600 Remaining expenses (not detailed) 33,300 Total expenses Operating income Income taxes expense Net income Earnings per share 38,330 5,880 $ 33,820 x Current assets Cash Accounts payable Supplies Assets At December 31 Liabilities and stockholders' equity Current liablities $ Wages payable 47,100 Income taxes payable $ 2,210 5,880 Total current assets $ 47,100 Total current liabilities $ 8,090 Other assets 9,260 Notes payable, long-term Service trucks Accumulated depreciation 17,400 (8,400) Total liabilities $ 8,090 Stockholders' equity Common stock Retained earnings Additional paid-in capital Total stockholders' equity $ 0 Total liabilities and stockholders' Total assets $ 65,360 $ 8,090 equity