The assets and liabilities of Post Elm ?Inc., as of December? 31, 2016?, and revenues and expenses for the year ended on that date? follow:

	Equipment. . . . . . . . . .	$114,000	Land. . . . . . . . . . . . .	$21,000
	Interest expense. . . . .	10,600	Note payable. . . . . . . .	99,400
	Interest payable. . . . . .	3,200	Property tax expense. .	7,500
	Accounts payable. . . . .	23,000	Rent expense. . . . . . . .	41,400
	Salary expense. . . . . .	108,100	Accounts receivable. . . .	84,200
	Building. . . . . . . . . . . .	403,000	Service revenue. . . . . .	458,600
	Cash. . . . . . . . . . . . . .	48,000	Supplies. . . . . . . . . .	6,500
	Common stock. . . . . . .	7,300	Utilities expense. . . . . .	8,900

Beginning retained earnings was $364,700?, and dividends totaled $103,000
for the year.

1.	Prepare the income statement of Post Elm?, ?Inc., for the year ended December?31, 2016.
2.	Prepare the? company's statement of retained earnings for the year.
3.	Prepare the? company's balance sheet at December? 31, 2016.
4.	Analyze Post ElmPost Elm?,?Inc., by answering these? questions:

	a.	Was Post Elm profitable during 2016?? By how? much?
	b.	Did retained earnings increase or? decrease? By how? much?
	c.	Which is? greater, total liabilities or total? stockholders' equity? Who has a greater claim to Post Elm's ?assets, creditors of the company or the Post Elm ?stockholders? Requirement 1. Prepare the income statement of Post Elm?, Inc. for the year ended December? 31, 2016. ?Let's begin the heading and then complete the rest of the statement. ?(If a box is not used in the financial statements leave the box? empty; do not select a label or enter a? zero.)

Answer rating: 100% (QA)

Answer Solution 1 2 Income statement For the year ended December 31 2016 Service reven... View the full answer