Question

Presented here are the accounts of Town and Country Realty for the year ended December 31, 2016:
Land ............ $ 5,000
Notes Payable ......... 36,000
Property Tax Expense ...... 3,400
Dividends ......... 32,000
Rent Expense .......... 10,000
Salaries Expense ....... 69,000
Salaries Payable ....... 1,500
Service Revenue ....... 180,000
Office Supplies ....... 12,000
Retained Earnings, 12/31/15 .... 57,000
Common Stock ....... $ 28,000
Accounts Payable ....... 14,000
Accounts Receivable ....... 1,000
Advertising Expense ....... 14,000
Building ............ 144,600
Cash .............. 3,800
Equipment ........... 13,000
Insurance Expense ....... 2,200
Interest Expense ....... 6,500
Requirements
1. Prepare Town and Country Realty'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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