Atlas, Inc. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31, 2014 year end.

Accounts receivable $18,000 Office equipment $59,500

Accounts payable 26,000 Office supplies 5,000

Building 35,000 Service revenue 137,000

Cash 90,000 Supplies expense 8,000

Commission expense 20,500 Utilities expense 7,500

Common stock 22,500 Wage expense 8,500

Interest payable 1,500 Land 40,000

Beginning retained earnings was $110,000 and dividends were $5,000 for the year.

Instructions

Prepare the income statement, statement of retained earnings, and balance sheet for Atlas, Inc. for the current year.