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Riley, Incorporated reports the following amounts at the end of the year: Cash Buildings Accounts payable Interest expense Advertising expense $86,200 Service revenue $93,200 44,000
Riley, Incorporated reports the following amounts at the end of the year: Cash Buildings Accounts payable Interest expense Advertising expense $86,200 Service revenue $93,200 44,000 Salaries expense 54,800 9,200 Equipment 66,000 3,300 Supplies 4,000 9,300 Notes payable 54,000 In addition, the company had common stock of $83,000 at the beginning of the year and issued an additional $7,900 during the year. The company also had retained earnings of $21,400 at the beginning of the year and paid dividends of $1,100 during the year. Prepare the income statement, statement of stockholders' equity, and balance sheet. a. Income statement. RILEY, INCORPORATED Income Statement For the year ended December 31 Revenues: Expenses: Total expenses 0 $ 0 b. Statement of stockholders' equity. RILEY, INCORPORATED Statement of Stockholders' Equity For the year ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at beginning of the year Balance at end of the year $ 0 $ 0 $ 0 c. Classified balance sheet. RILEY, INCORPORATED Balance Sheet December 31 Assets Liabilities Total liabilities $ 0 Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity 2 ] . Total assets $ 0
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