CE #1 Spring 2024 ACCT 2110-Online Due: Friday, January 26th Item 1 Use the following accounts and information to prepare, in good form, an income statement and a retained earnings statement, for the month of January and a balance sheet at January 31, 2025 for Arrow Industries. You must list the various accounts and their amounts. On the income statement, be sure to list the expenses in order of magnitude (greatest to least) and on the balance sheet, assets should be in order of liquidity. Accounts payable Notes payable Equipment, net Service revenue Dividends Retained earnings, January 1 15,000 Common stock 30,000 3,100 2,900 29,000 23,000 6,000 Supplies expense Cash Utilities expense Supplies 3,500 13,000 700 2,800 Salaries and wages expense Accounts receivable Rent expense 7,000 10,000 2,000 ARROW INDUSTRIES Retained Earnings Statement For the Month Ended January 31, 2025 Retained Earnings, January 1 Add: Less: Retained Earnings, January 31 Total assets ARROW INDUSTRIES Balance Sheet January 31, 2025 Assets ARROW INDUSTRIES Income Statement Liabilities and Stockholders' Equity $ $ Revenues Expenses Total expenses Net income For the Month Ended January 31, 2025 Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Check figures for Item 1: Net income $9,800; Total liabilities and stockholders' equity $54,800 Item 2 Compute the missing amount in each category of the accounting equation. Be sure to label the unknown amount. Please show work (always show work on CEs, we deduct for not showing work). Assets $54,000 Liabilities $ ? Stockholders' Equity $ 40,000 (b) $61,000 $ 50,000 $ ? (c) $ ? $18,000 $30,000 Challenge: At the beginning of the year, Entity A had total assets of $500,000 and total stockholders' equity of $300,000. If total liabilities increased by $300,000 and total stockholders' equity decreased by $100,000, what is the amount of total assets at the end of the year?