Refer to E4-16.

Required:

Using the adjusted balances in E4-16, prepare an income statement, statement of retained earnings, and classified balance sheet for the year ended December 31.

Data From E4-16

Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)

Other data not yet recorded at December 31:

a. Insurance expired during the year, $5.
b. Depreciation expense for the year, $4.
c. Salaries and wages payable, $7.
d. Income tax expense, $9.

Transcribed Image Text:

Account Titles Debit Credit Cash $ 38 Accounts Receivable Prepaid Insurance 6 Equipment 80 $ 0 Accumulated Depreciation Accounts Payable 9. Common Stock 76 Retained Earnings 4 Sales Revenue 80 Insurance Expense Salaries and Wages Ex pense 10 Supplies Expense 26 Totals $169 $169