Presented here are the amounts of Assets, Liabilities, Stockholders? Equity, Revenues, and Expenses of The Fitness Guru, Inc., at August 31, 2018. The items are listed in alphabetical order.

The retained earnings balance of the business was $87,100 at August 31, 2017.

Requirements

1. Identify each amount shown as an asset, liability, or stockholders? equity.

2. Prepare the company?s income statement and statement of retained earnings for the year ended August 31, 2018.

3. Prepare the company?s balance sheet at August 31, 2018.

4. Answer these questions about the company:

a. What was the profit or loss for the year?

b. What was the increase or decrease of retained earnings for the year?

c. What is the amount of economic resources on August 31, 2018?

d. What is the amount owed on August 31, 2018?

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Accounts Payable. . Accounts Receivable.. Advertising Expense... $ 15,000 Interest Expense Land. . Note Payable. Property Tax Expense Rent Expense. Salaries Expense. Salaries Payable. Service Revenue $ 5,000 37,000 70,000 4,500 22,000 92,000 5,000 166,000 1,400 14,000 15,000 135,000 16,000 70,000 29,000 40,000 Building.. Cash. Common Stock Dividends.. Equipment. Insurance Expense.. 2,200 Supplies.