Picture Gallery, Inc. works weddings and prom-type parties. The balance of retained earnings was ($18,000) at December

Question:

Picture Gallery, Inc. works weddings and prom-type parties. The balance of retained earnings was $$18,000$ at December 31, 2010. At December 31, 2011, the business’s accounting records show these balances:

image text in transcribed

Requirements

1. Prepare the following financial statements for Picture Gallery for the year ended December 31, 2011:

a. Income statement

b. Statement of retained earnings

c. Balance sheet

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Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

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Question Posted: May 11, 2024 11:03 PM

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Picture Gallery, Inc. works weddings and prom-type parties. The balance of retained earnings was ($18,000) at December

Question:

Insurance expense $ 9,000 Accounts receivable $ 11,000 Cash 15,000 Note payable 15,000 Accounts payable 9,000 Retained earnings Advertising expense 4,000 Salary expense 20,000 Service revenue Dividends 72,000 Equipment 70,000 16,000 Common stock 31,000

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Financial And Managerial Accounting

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