Falcon Consultants, Inc., has provided the following list of assets, liabilities, revenues, and expenses from its December 31, 2017, accounting records. The beginning retained earnings as of January 1, 2017, was $45,000 and the owner, Lucky Falcon, received dividends of $14,000 during the year.

Required:

Prepare the income statement, the statement of retained earnings and the balance sheet for Falcon Consultants, Inc., as of December 31, 2017.

Accounts receivable $16,300 Service revenue $67,500

Interest expense 2,800 Cash 30,000

Supplies 2,750 Note payable 19,400

Accounts payable 5,450 Salary expense 22,000

Utilities expense 4,500 Interest payable 1,600

Furniture 20,000 Rent expense 13,200

Salary payable 3,600 Automobiles 24,900

Common stock 40,200 Land 36,000