Sears Labs' financial accounts follow. The company has just completed its third year of operations ended November 30, 2014.

Required
 Prepare Sears Labs' income statement, statement of retained earnings, and balance sheet.

Transcribed Image Text:

7,400 9,100Office Rent Expense Marketing Expense Accounts Payable Accounts Receivable Cash Common Stock Design Service Revenue Dividends Income Taxes Expense Income Taxes Payable $19,700 18,200 Retained Earnings, November 30, 2013 Salaries Expense Salaries Payable 115,750 55,400 96,000 2,700 15,000 248,000 40,000 38,8 50 Supplies 13,000 Supplies Expense 3,100