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Walker Company completed its fourth year of operations ending December 31, 2021. Prepare the (1) Income Statement for the year ended December 31, 2021
Walker Company completed its fourth year of operations ending December 31, 2021. Prepare the (1) Income Statement for the year ended December 31, 2021 and the (2) Balance Sheet as of December 31, 2021 for the Walker Company. Use the below account balances to fill-in the blank financial statements. Make sure to add proper headings when making these statements. Each account balance will show up on one of the two statements. Make sure Assets Liabilities plus Stockholders' Equity. If you want to check your work, here is a hint: Retained Earnings as of 1/1/2021 was $140,000 and Walker paid dividends of $94,000 during 2021. Income Statement: Cash Accounts Payable Service Fees Revenue $ 257,000 $ 59,000 $ 276,000 Supplies Expense $ 15,000 Insurance Expense Retained Earnings, 12/31/2021 Building Rent Expense Salaries Expense Supplies Inventory Contributed Capital $ 7,000 $ 216,000 $ 95,000 $ 12,000 $ 72,000 $ 37,000 $ 111,000 Notes Payable $ 25,000 Accounts Receivable $ 22,000 Balance Sheet:
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