Question

Click a Pix Photography works weddings and prom-type parties. The balance of retained earnings was $26,000 at December 31, 2015. At December 31, 2016, the business's accounting records show these balances:
Insurance Expense ....... $ 11,000
Cash ............. 40,000
Accounts Payable ....... 6,000
Advertising Expense ....... 3,200
Service Revenue ....... 95,000
Dividends ........... 10,000
Accounts Receivable ....... $ 12,000
Notes Payable ........... 9,000
Retained Earnings, Dec. 31, 2016 ... ?
Salaries Expense ....... 20,000
Equipment ........... 73,800
Common Stock ....... 34,000
Prepare the following financial statements for Click a Pix Photography for the year ended December 31, 2016:
a. Income statement.
b. Statement of retained earnings.
c. Balance sheet.


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  • CreatedJune 12, 2015
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