is this correct? Use the following information available as of December 31 to prepare an income statement
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is this correct?
Use the following information available as of December 31 to prepare an income statement for the year and a balance sheet for Goldie Company Fees for services performed during the year, $126,000 Accounts payable, $17,900 Accounts receivable, $17,400 Miscellaneous expenses for the year. $9,000 Supplies on hand $3,300 Notes payable, $27,000 Interest expense on the note for the year, $3.600 Equipment. $92,500 Cash on hand, $11,600 Salaries expense for the year. $71,200 Supplies expense for the year. $8,500 Rent expense for the year. $11.200 Common stock that has been issued, $53,000 Retained earnings at the end of the year, $26,900 a. Income statement. . GOLDIE COMPANY Income Statement For the year ended December 31 Revenues: Service revenues $ 126,000 Expenses: Salaries expense Supplies expense 71,200 8,500 11,200 Rent expense Miscellaneous expense 9,000 Interest expense 3,600 Total expenses 103,500 22,500 Net Income $ b. Classified balance sheet. (Be sure to list the assets and liabilities in order of their liquidity.) Assets Cash Accounts Receivable Supplies Equipment GOLDIE COMPANY Balance Sheet December 31 Liabilities $ 11,600 Accounts Payable 17,400 Notes Payable 3,300 92,500 $ 17,900 27,000 $ 44,900 Total Liabilities Stockholders' Equity Common Stock Retained Earnings $ 53,000 26,900 Total Stockholders' Equity $ 79,900 $ 124,800 Total Liabilities and Stockholders' Equity $ 124,800 Total Assets ![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6690833c22328_8116690833bac57c.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6690833cde49b_8126690833c56dcc.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6690833d77da3_8136690833d1606f.jpg)
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