The assets and liabilities of Cameron Services, Inc., as of December 31, 2014, and revenues and expenses for the year ended on that date follow:

Beginning retained earnings was $364,800, and dividends declared totaled $105,000 for the year.

Requirements
1. Prepare the income statement of Cameron Services, Inc., for the year ended December 31, 2014.
2. Prepare the company€™s statement of retained earnings for the year.
3. Prepare the company€™s balance sheet at December 31, 2014.
4. Analyze Cameron Services, Inc., by answering these questions:
a. Was Cameron Services profitable during 2014? By how much?
b. Did retained earnings increase or decrease? By how much?
c. Which is greater total liabilities or total stockholders€™ equity? Who owns more of Cameron Services€™ assets, creditors of the company or the Cameron Servicesstockholders?

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26,200 Note payable99,300 7,700 41,600 84,800 457,600 6,100 8,500 $112,000 10,800 Ul Interest expense . Interest payable Accounts payable2 Salary expense 3,100 Property tax expense 28,900 Rent expense 108,700 Accounts receivable 401,000 Service revenue ... Buil Cash 46,800 Supp stock 5,500 Utilities expense