Required information Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below) Stark company has the following adjusted accounts with normal balances at its December 31 year-end, Notes payable $ 19,000 Accumulated depreciation Buildings $ 23,000 Prepaid insurance 3,300 Accounts receivable 5,600 Interest expense 660 Utilities expense 2,100 Accounts payable 5,500 Interest payable 420 Wages payable 1,200 Unearned revenue 1,200 Cash 26,000 Supplies expense 360 Wages expense 3,300 Buildings 120,000 Insurance expense 2,600 Dividends 7,000 Common stock 13,000 Depreciation expense-Buildings 6,000 Services revenue 60,000 Supplies 1,200 Retained earnings 54,800 Exercise 3-17 (Algo) Preparing Financial Statements LO P5 Use the adjusted accounts for Stark Company to prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $54,800 on December 31 of the prior year Required information Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 Accounts payable Accounts receivable Accumulated depreciation-Buildings Buildings Total expenses Income Statement Statement of Retained Earnings > Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 Cash Common stock Depreciation expense-Buildings Dividends Insurance expense Interest expense Total expenses Incurne Statement Statement of Retained Earnings Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 Interest payable Notes payable Prepaid insurance Retained earnings Services revenue Supplies Total expenses Income State Statement of Retained Earnings > Required information Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 Supplies expense Unearned revenue Utilities expense Wages expense Wages payable Total expenses come Statement of Retained Earnings Required information For Year Ended December 31 Expenses Total expenses Show All Items Statement of Retained Earnings > Net income Net loss Statement of Income Statement Retained Balance Sheet Earings Prepare the statement of retained earnings for the year ended December 31. The Retained Earn $54,800 on December 31 of the prior year. STARK COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings December 31 prior year end Add: Net income Add: Net loss Less: Net income Less: Net loss Statement Balance Sheet > ! Required information Income Statement of Retained Statement Balance Sheet Earnings Prepare the statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $54,800 on December 31 of the prior year. STARK COMPANY Statement of Retained Eamings For Year Ended December 31 Retained earnings December 31 prior year end DLL Add: Dividends fatement Balance Sheet > Less: Dividends Income Statement Statement of Retained Earnings Balance Sheet Prepare the balance sheet at December 31. STARK COMPANY Balance Sheet December 31 Assets Accounts payable Accounts receivable Cash Common stock Required information Income Statement Statement of Retained Earnings Balance Sheet Prepare the balance sheet at December 31. STARK COMPANY Balance Sheet December 31 Assets Depreciation expense--Buildings Dividends Insurance expense Interest expense Interest payable S Income Statement Statement of Retained Earnings Balance Sheet Prepare the balance sheet at December 31. STARK COMPANY Balance Sheet December 31 Assets Notes payable Prepaid insurance Retained earnings Services revenue Supplies Income Statement Statement of Retained Earnings Balance Sheet Prepare the balance sheet at December 31. STARK COMPANY Balance Sheet December 31 Assets Supplies expense Unearned revenue Utilities expense Wages expense Wages payable ---- Required information Total assets Liabilities Total liabilities Equity Total equity Total liabilities and equity
