A junior bookkeeper of Adams Ltd. prepared the following financial statements at the end of its first month of operations.
Adams Ltd.
Income Statement
For the Month Ended January 31, 2015

Balance Sheet

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Revenue $3,335 Expenses 300 1,000 Accounts payable Land Dividends Miscellaneous expenses 500 1,635 335 Net income $1,200 Liabilities and Shareholder's Equity Assets Cash Repairs expense Salaries expense Building $1,000 500 1,000 2,000 $4,500 Rent expense Share capital Retained earnings $ 300 3,000 1,200 $4,500