Course Name FINANCIAL ACCOUNTING Date: Presented here are the accounts of Quaid Corporation for the vear ended December 31. 2011. Cash 24,000 53,500 30,000 126,000 4,500 80,000 18,000 4,800 2,400 3,600 18,000 Supplies Inventory Prepaid Rent Equipment-Net After Depreciation 16,000 common stock eou-7 28,000 Retained Earnings 1/1/11 4,000 Dividends netained orN 1,200 Service Revenue 31,200 Depreciation Expense PNC Salary expense P Accounts payable Interest payable Unearned service revenue Income tax payable Note payable-Long Term NOTE: SOME OF THE ABOVE BALANCES ARE DEBITS AND THE OTHERS ARE CREDITS. YOU NEED TO PLACE ACCOUNTS ONTO THE PROPER FINANCIAL STATEMENT 14,000 Rent Expense PNL 800 |Interest Expense PN 2,400 Insurance expense PNL 5,000 Supplies expense f Requirements: 1 Prepare Quaid Corporation's SINGLE STEP Income Statement. 2. Prepare the Statement of Retained Earnings 3. Prepare the Balance Sheet. Req. 1 Quaid Corporation Income Statement Year Ended December 31, 2011 Revenue: Expenses nsurance E 21 30 Total expenses Net income