The assets and liabilities of Beckwith Garden Supply, Inc., as of December 31, 2016, and revenues and expenses for the year ended on that date follow:

Beginning retained earnings was $364,200, and dividends declared totaled $106,000 for the year.
Requirements
1. Prepare the income statement of Beckwith Garden Supply, Inc., for the year ended December 31, 2016.
2. Prepare the company's statement of retained earnings for the year.
3. Prepare the company's balance sheet at December 31, 2016.
4. Analyze Beckwith Garden Supply, Inc., by*answering these questions:
a. Was Beckwith Garden Supply profitable during 2016? By how much?
b. Did retained earnings increase or decrease? By how much?
c. Which is greater, total liabilities or total stockholders' equity? Who has a greater claim to Beckwith Garden Supply's assets, creditors of the company or the Beckwith Garden Supply stockholders?

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27,000 99,500 7,300 40,600 84,600 457,600 6,800 8,500 $119,000 Land ....10,200 Note payable Equipment Interest expense.. Interest payable. Accounts payable Salary expense 00 Property tax expense.. 24,000 Rent expens. 08,500 Accounts receivable 01,000 Service revenue.. ilding41,000 Supplies Cash Common stock. 12,700 Utilities expense