The year-end financial statements of Fighting Illini Financial Services are provided below.
FIGHTING ILLINI
Income Statement
Service revenue..........................$84,700
Expenses:
Salaries..................$49,000
Supplies....................9,100
Rent........................7,500
Delivery....................3,700..........69,300
Net income...............................$15,400

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FIGHTING ILLINI Statement of Stockholders' Equity Common Retained Total Stock Earnings S. Equity Beg. bal., Issue stock Net income Dividends Jan. 1 $60,000 $32,300 92,300 15,000 15,400 (6,000)6,000) 15,000 15,400 Ending bal., Dec. 31$75,000 $41,700 $116,700 FIGHTING ILLINI Balance Sheet Assets Liabilities Cash Accounts receivable Land $ 6,600 Accounts payable $ 9,100 9,200 Stockholders' Equity 10,000 Common st $75,000 41.700 Retained earnings 116,700 $125,800 Total assets $125,800 Total liabs. and equities