- i Requirements 1. Identify each amount shown as an asset, liability, or stockholders' equity. 2. Prepare the following financial statements for Stenback, Inc.: a. Income statement for the year ended December 31, 2018 b. Statement of retained earnings for the year ended December 31, 2018 c. Balance sheet at December 31, 2018 Print Done - X i Data Table i $ Cash $ 5,000 14,000 ? Accounts receivable Note payable Retained earnings Salaries expense Equipment Insurance expense Utilities expense 16,000 78,000 3,000 1,300 Accounts payable Advertising expense Service revenue Common stock Rent expense Supplies 16,000 10,000 2,000 88,000 33,000 4,600 1,200 Print Done Stenback, Inc., restores antique automobiles. The retained earnings balance of the corporation was $2,100 at December 31, 2017. During 2018, the corporation paid $20,000 in dividends to its stockholders. At December 31, 2018, the business's accounting records show these balances: (Click the icon to view the accounts.) Read the requirements Requirement 1. Identify each amount shown as an asset, liability, or stockholders' equity. Account Balance Type of Account Account Balance Type of Account Accounts receivable $ 5,000 Cash $ 16,000 Note payable 14,000 Accounts payable 10,000 Retained earnings ? Advertising expense ... 2,000 Salaries expense Service revenue 88,000 16,000 78,000 Equipment Common stock 33,000 Insurance expense 3,000 Rent expense 4,600 Utilities expense 1,300 Supplies 1,200 Requirement 2a. Prepare the income statement for Stenback, Inc., for the year ended December 31, 2018 Start with the heading and then complete the rest of the statement. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Revenue Expenses: Total expenses Net income Requirement 2b. Prepare the statement of retained earnings for Stenback, Inc., for the year ended December 31, 2018 Start with the heading and then complete the rest of the statement. Add: Subtotal Less: Start with the heading, then complete the asset portion of the statement, and finally, complete the liabilities and stockholders' equity sections of the statement. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total assets Total liabilities and stockholders' equity