Kaisha Corporation had the following account balances at the end of 2011: Service Revenue, $13,200; Rent Expense,

Question:

Kaisha Corporation had the following account balances at the end of 2011: Service Revenue, $13,200; Rent Expense, $1,200; Wages Expense, $8,340; Advertising Expense, $1,350; Utilities Expense, $900; Income Taxes Expense, $200; and Dividends, $700.

In addition, the year-end balances of selected accounts were as follows: Cash, $1,550; Accounts Receivable, $750; Supplies, $100; Land, $1,000; Accounts Payable, $450; and Common Stock, $1,000.

In proper format, prepare the income statement, statement of retained earnings, and balance sheet for Kaisha (assume the year ends on December 31, 2011).

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...