These items are taken from the financial statements of Finn Corporation for 2010. Retained earnings (beginning of

Question:

These items are taken from the of Finn for 2010.
Retained earnings (beginning of year) ....... $31,000
Utilities expense ................. 2,000
Equipment .................. 66,000
Accounts payable ............... 18,300
Cash .................... 12,900
Salaries payable ................. 3,000
Common stock ................ 13,000
Dividends .................. 12,000
Service revenue .................. 72,000
Prepaid insurance ............... 3,500
Repair expense ................ 1,800
Depreciation expense .............. 3,300
Accounts receivable ................ 14,200
Insurance expense ................ 2,200
Salaries expense ................ 37,000
Accumulated depreciation ............ 17,600

Instructions
Prepare an income statement, a retained earnings statement, and a classified as of December 31, 2010.

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