Following is a list of financial statement items and amounts for Tim Burrs Tree Service as of 12/31/X3, the end of its first year in operation.

Accounts Receivable $ 40,900 Accounts Payable 30,900 Cash 10,090 Common Stock 20,900 Notes Payable 10,180 Equipment 50,450 Service Revenue 104,500 Fuel Expense 10,090 Rent Expense 10,800 Advertising Expense 5,090 Salaries and Wages Expense 20,900 Retained Earnings ? Dividends 18,160

Required: 1. Prepare the Income Statement for the year ended December 31, 20X3. 2. Prepare the statement of retained earnings for the year ended December 31, 20X3.

Question

Following is a list of financial statement items and amounts for Tim Burrs Tree Service as of 12/31/X3, the end of its first year in operation.

Accounts Receivable $ 40,900 Accounts Payable 30,900 Cash 10,090 Common Stock 20,900 Notes Payable 10,180 Equipment 50,450 Service Revenue 104,500 Fuel Expense 10,090 Rent Expense 10,800 Advertising Expense 5,090 Salaries and Wages Expense 20,900 Retained Earnings ? Dividends 18,160

Required: 1. Prepare the Income Statement for the year ended December 31, 20X3. 2. Prepare the statement of retained earnings for the year ended December 31, 20X3.

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Following is a list of financial statement items and amounts for Tim Burrs Tree Service as of 12/31/X3, the end of its first year in

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