Additional Information Items

An analysis of WTI's insurance policies shows that $3,203 of coverage has expired.

An inventory count shows that teaching supplies costing $2,776 are available at year-end 2017.

Annual depreciation on the equipment is $12,814.

Annual depreciation on the professional library is $6,407.

On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018.

On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,400 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)

WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.

The balance in the Prepaid Rent account represents rent for December.

cash 27849

acct rece 0

teaching supplies 10,710

prepaid ins 16,068

prepaid rent 2,143

profes lib 32,133

acc dep prof 9,641

equipment 74,968

acc dep equ 17,139

acc payable 35,841

salaries payable 0

unearned training fees 14,500

common stock 11,000

retained earning 57,123

dividends 42,845

tuition fee earned 109,254

training fee earned 40,702

dep exp prof 0

dep ex equ 0

salaries ex 51,415

ins ex 0

rent ex 23,573

teaching supplies ex 0

advertising ex 7,498

utilities ex 5,998

Prepare Wells Technical Institute's income statement for the year 2017.

Prepare Wells Technical Institute's statement of owner's equity for the year 2017.

Prepare Wells Technical Institute's balance sheet as of December 31, 2017.