Question

The following trial balance has been adjusted as of December 31, 2017 Debits Credits Cash $25,000 $- Accounts Receivable 6,000 – Supplies Inventory 4,500 – Prepaid Rent 18,000 – Equipment 90,000 – Accumulated Depreciation – 2,500 Accounts Payable – 6,000 Utilities Payable – 4,000 Unearned Revenue – 1,500 Interest Payable – 150 Notes Payable – 24,000 Common Stock – 100,000 Service Revenue – 90,000 Wages Expense 35,000 – Supplies Expense 20,000 – Rent Expense 15,000 – Miscellaneous Expense 2,000 – Electricity Expense 2,400 – Telephone Expense 1,500 – Depreciation Expense 1,000 – Interest Expense 250 – Dividend 7,500 – Total $228,150 $228,150 Required: (1) Prepare an Income Statement (2) Prepare a Statement of Retained Earnings (3) Prepare a Balance Sheet