Question

Precision Pics 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 ...... $ 14,000
Cash ............ 38,000
Accounts Payable ...... 13,000
Advertising Expense ...... 3,500
Service Revenue ...... 110,000
Dividends .......... 11,000
Accounts Receivable ...... $ 7,000
Notes Payable .......... 9,000
Retained Earnings, Dec. 31, 2016 ?
Salaries Expense ...... 21,000
Equipment .......... 96,500
Common Stock ...... 33,000
Prepare the following financial statements for Precision Pics 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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