Tarech Corporation engaged in activities during the first year of its operations that resulted in the following:

Question:

Tarech engaged in activities during the first year of its operations that resulted in the following: Service Revenue, $4,800; Total Expenses, $2,450; and Dividends, $410. In addition, the year-end balances of selected accounts were as follows: Cash, $1,890; Other Assets, $1,000; Accounts Payable, $450; and Common Stock, $500. In proper format, prepare the income statement, statement of retained earnings, and for Tarech (assume the year ends on December 31, 2011).

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...