Tyrion Company Handout $-$Financial Statement Preparation

Chap $3$

The adjusted trial balance for Tyrion Company at December $31,20$XX follows.

$\backslash$table$[[$Cash$,83,000,],[$Accounts receivable,$47,000,],[$Interest receivable,$3,000,],[$Notes receivable $($due in $90$ days$),120,000,],[$Office supplies,$12,000,],[$Plant and Equipment,$302,000,],[$Accumulated Depreciation $-$ P&E$,,69,000],[$Accounts payable,,$68,000],[$Interest Payable,,$13,000],[$Wages payable,,$36,000],[$Long$-$term notes payable,,$130,000],[$Retained Earnings $($Begin$.$ of year bal$),,165,000],[$Common Stock,,$50,000],[$Dividends$,39,000,],[$Consulting revenue,,$353,000],[$Interest revenue,,$16,000],[$Depreciation expense $--$ P&E$,19,500,],[$Salaries expense,$214,000,],[$Interest expense,$3,500,],[$Office supplies expense,$10,000,],[$Other expense,$47,000,],[$TOTALS$,900,000,900,000]]$

Use the above information to prepare the income statement for the year ended December $31,$ the statement of retained earnings for the year ended December $31,($Note: the Retained Earnings beginning of year is $$165,000),$ and the CLASSIFIED balance sheet at December $31.$ Prepare in proper form in a legible manner.