Use the information in Exercise 2-25 to prepare a December 31 balance sheet for Help Today. The ending Retained Earnings account balance as of December 31 is $4,470.

Exercise 2-25

Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company’s records show the following selected accounts and amounts for the month of December. Use this information to prepare a December income statement for the business.

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Cash. Accounts receivable.. Office supplies . Office equipment . $25,360 Accounts payable... $ 10,500 Salaries expense 102,000 Telephone expense 6,000 Miscellaneous expenses $5,600 ..... 22,360 Common stock 860 5,250 Dividends 520 20,000 Consulting revenue Rent expense 27,000 Land. 44,000 9,550