I'm having trouble figuring out how to prepare a single-step income statement, statement of retained earnings, and a balance sheet. I thought that the document I downloaded had the answers which is why I paid for the subscription for coursehero.

ACCT 250 Homework Assignment - Financial Statements and Transactions ANSWERS MUST BE HANDWRITTEN Name ___________________________ Smith, Inc. ADJUSTED TRIAL BALANCE 12/31/16 Cash Supplies Accounts Receivable Prepaid Rent Equipment Vehicles Accumulated Depreciation Accounts Payable Wages Payable Unearned Revenue Long-term Note Payable Capital Stock Retained Earnings (1/1/16) Dividends Revenues Supplies Expense Maintenance Expense Selling Expense Salaries Expense Interest Expense Depreciation Expense Rent Expense Office Expense Advertising Expense Insurance Expense Utilities Expense Income Tax Expense Account balance 180,250 18,000 91,500 12,500 106,000 85,000 30,000 33,000 4,000 11,000 50,000 210,000 18,000 8,000 643,000 5,000 15,000 61,000 205,500 1,600 12,000 101,000 22,350 24,300 33,000 7,000 10,000 Use the above list of accounts and amounts to prepare a single-step Income Statement, Statement of Retained Earnings, and Balance Sheet in the tables provided on the next 2 pages. You will earn 1 extra credit point if you complete an error-free Classified Balance Sheet. You must have proper labels and totals on your financial statements. Smith, Inc. Single Step Income Statement For the Year Ended December 31, 2016 Smith, Inc. Statement of Retained Earnings For the Year Ended December 31, 2016 Smith, Inc. Balance Sheet December 31, 2016 TRANSACTIONS Note the account and amount of impact (increase '+'/decrease '-') to the accounting equation. Please write clearly. EXAMPLE - Issued capital stock for $40,000 cash ACCT NAMES: Amount +/- Assets = Cash + 40,000 Liabilities + Equity Common Stock + 40,000 1. Paid $1,200 in advance for 6 month insurance policy Assets = Liabilities + Equity ACCT NAMES: Amount +/- 2. Received $5,000 cash from customers when services were performed Assets = Liabilities + Equity + Equity ACCT NAMES: Amount +/- 3. Billed customers $7,000 for services performed Assets = Liabilities ACCT NAMES: Amount +/- 4. Record one month's use/consumption of the insurance purchased from transaction #1 above Assets = Liabilities + Equity ACCT NAMES: Amount +/- 5. Incurred $5,000 advertising expense on account Assets = Liabilities + Equity ACCT NAMES: Amount +/- 6. Received $3,000 cash from customers that were billed from transaction #3 above Assets = ACCT NAMES: Amount +/- Liabilities + Equity 7. Purchased $10,000 equipment for cash Assets = Liabilities + Equity + Equity ACCT NAMES: Amount +/- 8. Purchased $5,000 equipment on account Assets = Liabilities ACCT NAMES: Amount +/- 9. Paid the amount due on the equipment purchase from transaction #8 above Assets = Liabilities + Equity ACCT NAMES: Amount +/- 10. Received $3,000 cash in advance of services being performed Assets = ACCT NAMES: Amount +/- Liabilities + Equity