Question

Presented here are the accounts of Golden City Barbershop for the year ended December 31, 2016.
Land .......... $ 5,000
Notes Payable ....... 37,000
Property Tax Expense .... 2,700
Dividends ........ 32,000
Rent Expense ....... 11,000
Salaries Expense .... 61,000
Salaries Payable .... 900
Service Revenue .... 195,000
Office Supplies .... 9,000
Retained Earnings, 12/31/15 .. 49,000
Common Stock .... $ 25,000
Accounts Payable .... 17,000
Accounts Receivable .... 900
Advertising Expense .... 13,000
Building ........ 157,000
Cash ........... 3,800
Equipment ........ 19,000
Insurance Expense .... 2,500
Interest Expense .... 7,000
Requirements
1. Prepare Golden City Barbershop's income statement.
2. Prepare the statement of retained earnings.
3. Prepare the balance sheet.


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  • CreatedJune 12, 2015
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