Preparing financial statements

Presented here are the accounts of Gate City Answering Service for the year ended

December 31, 2014.

Land $ 8,000 Owner contribution, 2014 $ 28,000

Notes Payable 32,000 Accounts Payable 11,000

Property Tax Expense 2,600 Accounts Receivable 1,000

Wayne, Withdrawals 30,000 Advertising Expense 15,000

Rent Expense 13,000 Building 145,200

Salaries Expense 65,000 Cash 3,000

Salaries Payable 1,300 Equipment 16,000

Service Revenue 192,000 Insurance Expense 2,500

Office Supplies 10,000 Interest Expense 7,000

Wayne, Capital, 12/31/13 54,000

Net Income $86,900

Requirements

1. Prepare Gate City Answering Service