Question
Stark company has the following adjusted accounts and normal balances at its December 31 year-end. Notes payable $ 11,000 Accumulated depreciationBuildings $ 15,000 Prepaid insurance
Stark company has the following adjusted accounts and normal balances at its December 31 year-end.
Notes payable $ 11,000 Accumulated depreciationBuildings $ 15,000
Prepaid insurance 2,500 Accounts receivable 4,000
Interest expense 500 Utilities expense 1,300
Accounts payable 1,500 Interest payable 100
Wages payable400 Unearned revenue 800
Cash 10,000 Supplies expense 200
Wages expense7,500 Buildings 40,000
Insurance expense 1,800 Stark, Withdrawals 3,000
Stark, Capital 24,800 Depreciation expenseBuildings 2,000
Services revenue 20,000 Supplies 800
Use the adjusted accounts for Stark Company to complete the (1) income statement and (2) statement of owner's equity for the year ended December 31 and (3) balance sheet at December 31. The Stark, Capital account balance was $24,800 on December 31 of the prior year, and there were no owner investments in the current year.
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