Question: it keeps saying that the answer isnt complete but im not sure what im missing, please help! Exercise 3-8 Preparing Financial Statements from a Trial



Exercise 3-8 Preparing Financial Statements from a Trial Balance LO P6 Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue $ 23,000 3,700 740 7,500 1,600 34,888 8,700 3,000 19,600 77,200 89, eee Accumulated depreciation Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 27,000 6,400 2.500 580 1,400 440 168,000 9.000 8,000 1,400 Prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance December 31. The Retained Earnings account balance was $77,200 on December 31 of the prior year. es Complete this question by entering your answers in the tabs below. Statement of Income Retained Balance Sheet Statement Earnings Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 Services revenue 80,000 $ ces Expenses Wages expense Insurance expense Utilities expense Supplies expense Depreciation expense-Buildings Interest expense 8,700 3,000 2,500 440 8,000 740 Total expenses Net Income 23,380 56,620 $ Income Statement Statement of Retained Earnings > Complete this question by entering your answers in the tabs below. Statement of Income Retained Balance Sheet Statement Earnings Prepare the statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $77,200 on December 31 of the prior year. STARK COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec. 31 prior year end $ Add: Net income 77,200 56,620 133,820 9,000 124,820 Less: Dividends Retained earnings, Dec. 31 current year end $ 1 STARK COMPANY Balance Sheet December 31 Assets 15 points s 34,000 6,400 3,700 1.400 eBook 160,000 Hint Cash Accounts receivable Prepaid insurance Supplies Buildings Accumulated depreciation-Buildings Total assets Liabilities Accounts payable Wages payable interest payable Unearned revenue Notes payable 160,000 $ 205,500 Print 7,500 1,600 580 References 1.400 23,000 Total liabilities 34,080 Equity Common stock Retained earnings 19,600 124,820 Total equity Total liabilities and equity 144,420 178,500
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