Question

The following items are available from the records of Honky Tonk Records Inc. at the end of the year:
Accounts payable ............ $27,000
Accounts receivable ........... 21,000
Advertising expense ........... 6,000
Buildings ................. 76,000
Contributed capital ........... 30,000
Cash .................. 6,320
Notes payable ............. 70,000
Salaries expense ............. 9,500
Service revenue .............. 16,820
Equipment ................ 25,000
Required
Prepare Honky Tonk's income statement and statement of retained earnings for the year and its balance sheet at the end of the year.


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  • CreatedJuly 16, 2015
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