1. Prepare in good format, an income statement.

2. Prepare in good format, a statement of owner's equity.

3. Prepare a classified year-end balance sheet.

 (Note: a $9,000 installment on the long-term note is due within one year.)

Account	Debit	Credit
Money	$ 112,000
accounts receivable	27,000
prepaid rent	15,000
prepaid insurance	9,000
Office supplies	3,300
Office team	38,000
Accumulated Depreciation-Equipment		$3,200
Building	288,000
Accumulated Depreciation–Building		42,000
Tierra	700,000
Accounts payable		25,800
Salaries to pay		14,500
interest to pay		2,500
Long-term note payable		72,000
P. Blessinger, Capital		910,000
P. Blessinger, Retreats	200,500
Earned Service Fees		430,800
salary expenses	90.000
insurance costs	5,200
Rental costs	5,000
Depreciation Expense–Equipment	800
Depreciation Expense–Building	7,000
Total