Mr. Forrestal has asked you to prepare a set of financial statements for Forrestal, Inc. using the accounting data and instructions provided here.

Problem Data The company issued $50,000 of common stock during the year 2112. Use this list of accounts and account balances as of 12/31/2112. All accounts have normal balances. The note payable of $10,000 is not due until the year 2120.

Account Name

Balance A/D - Equipment $15,000

Accounts Payable 40,000

Accounts Receivable 43,000

Cash 33,000

Common Stock 100,000

Deprecation Expense - Equipment 5,000

Dividends 12,500

Equipment 50,000

Inventory 25,000

Note Payable 10,000

Prepaid Rent 35,000

Rent Expense 24,000

Retained Earnings 16,000

Salaries Expense 95,000

Salaries Payable 3,500

Service Revenue 145,500

Supplies Expense 15,000

Unearned Service Revenue 7,500

Required Prepare the following items in good form presented in the order shown here: Trial balance using the Webwork, Inc. example on page 77 of the course text. Income statement using single-step format following the Apple Inc. example on page 193 of the course text Statement of stockholders' equity following the Apple Inc. example on page 202 of the course text Classified balance sheet following the Apple Inc. example on page 192 of the course text