LO6 Preparation of Financial Statements SE 9. Tarech Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals, $410. In addition, the year-end balances of selected accounts were as follows: Cash, $1,890; Other Assets, $1,000; Accounts Payable, $450; and Owner's Capital, $500. In proper format, prepare the income statement, state- ment of retained earnings, and balance sheet for Tarech Company (assume the year ends on December 31, 2010). (Hint: You must solve for the beginning and ending balances of Owner's Equity for 2010.) LO4 Forms of Business Organization SE 3. Match the descriptions on the left with the forms of business organization on the right: 1. Most numerous a. Sole proprietorship 2. Commands most revenues b. Partnership c. Corporation 3. Has two or more co-owners 4. Has stockholders 5. Is owned by only one person 6. Has a board of directors