The adjusted trial balance for China Tea Company at December 31, 2012, is presented below:

Accounts	Debit			Credit
Cash	$	11,000
Accounts receivable		150,000
Prepaid rent		5,000
Supplies		25,000
Equipment		300,000
Accumulated depreciation				$	135,000
Accounts payable					20,000
Salaries payable					4,000
Interest payable					1,000
Notes payable (due in two years)					30,000
Common stock					200,000
Retained earnings					50,000
Dividends		20,000
Service revenue					400,000
Salaries expense		180,000
Advertising expense		70,000
Rent expense		15,000
Depreciation expense		30,000
Interest expense		2,000
Utilities expense		32,000
Totals	$	840,000		$	840,000

Prepare an income statement for China Tea Company for the year ended December 31, 2012 (Input all amounts as positive values. Omit the "$" sign in your response):

China Tea Company

Income Statement

For the year ended December 31, 2012

Total Expense
Net Income

using the above

repare a classified balance sheet for China Tea Company as of December 31, 2012 Be sure to list the assets and liabilities in the order of their liquidity and remember to calculate ending retained earnings. Amounts to be deducted should be indicated with a minus sign

China Tea Company

Balance Sheet

December 31, 2012

Assets						Liabilities	&	Stockholders'	Equity
Current Assets						Current Liabilities
	$						$
						Total Current Liabilities		$
Total Current Assets			$
Property & Equipment						Total Liabilities
						Stockholders' Equity
Net Property & Equipment
						Total Stockholders' Equity
						Total Liabilities and
Total Assets			$			Stockholders' Equity