The accounts of Wellington Electronics Repair, Inc., follow with their normal balances at October 31, 2016. The accounts are listed in no particular order.

Account ___________________________ Balance

Common Stock ................................. $45,000

Insurance Expense ................................... 225

Accounts Payable ................................. 3.300

Service Revenue .................................... 7,750

Land ............................................... 58,000

Supplies Expense .................................... 480

Cash ............................................... 15,100

Salaries Expense .................................. 5,200

Building ......................................... 135,000

Rent Expense ....................................... 2,400

Dividends .......................................... 1,500

Utilities Expense .................................... 535

Retained Earnings .............................. 14,840

Accounts Receivable ............................ 4,200

Notes Payable ................................. 152,000

Supplies ............................................. 250

Requirements

1. Prepare the company's trial balance at October 31, 2016, listing accounts in the proper order. List the largest expense first, the second-largest expense next, and so on.

2. Prepare the month-end financial statements: income statement, statement of retained earnings, and balance sheet. The retained earnings balance of $14,840 is the beginning balance for the month; it has not been updated for the current month's net income or loss.

3. Was it a profitable month for Wellington Electronics Repair, Inc.? Why or why not?