These items are taken from the financial statements of Pinson, Inc. Prepaid insurance ........ $ 1,800 Equipment

Question:

These items are taken from the of Pinson, Inc.
Prepaid insurance ........ $ 1,800
Equipment .......... 31,000
Salaries expense ....... 36,000
Utilities expense ....... 2,100
Accumulated depreciation ... 8,600
Accounts payable ....... 10,200
Cash ............ 5,300
Accounts receivable ...... $ 5,500
Salaries payable ....... 2,000
Common stock ........ 5,900
Depreciation expense ..... 4,300
Retained earnings (beginning) ... 14,000
Dividends .......... 3,600
Service revenue ....... 53,000
Repair expense ........ 2,900
Insurance expense ...... 1,200

Instructions
Prepare an income statement, a retained earnings statement, and a classified as of December 31, 2010.

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