Financial Accounting

Requirements 1. Prepare the income statement of Weston, Inc., for the year ended December 31,2014. 2. Prepare the company's statement of retained earnings for the year 3. Prepare 3. Prepare the company's balance sheet at December 31, 2014 4. Analyze Weston, Inc.,. by answering these questions: a. Was Weston profitable during 2014? By how much b. Did retained earnings increase or decrease? By how much? c. Which is greater, total liabilities or total stockholders' equity? Who owns more equity? Who owns more of We creditors of the company or Weston's ders P1-60B. (Learning Ojectives 4,5: Construct and analyze an income statement, a statement of P1-60B. (Learning Objectives 4,5: Construct and analyze anincomes retained earnings, and a balance sheet, evaluate business operations) The assets and liabilities of Weston, Inc., as of December 31,2014, and revenues and expenses for the year ended on that date follow: 37,100 Land. $ 68,000 54,000 Equipment... Interest expense... Interest payable Accounts payabl.. Salary expense 2,900 Note payable.. 1,200 Property tax expense.2,100 9,000 Rent expense 9,000 Rent expense 17,000 25,000 161,000 2,300 8,700 30,800 Accounts receivable.. 123,000 Service revenue ... Building..7.00 Su 17,000 Supplies 27,100 Utilities expense Cash Common stock Beginning retained earnings was $109,600, and dividends declared totaled $28,000 for the year