The following items are taken from the financial statements of Starr Corporation for 2016: Accounts Payable $78,000 Accounts Receivable 146,000 Bonds Payable 50,000 Cash 84,000 Common Stock 25,000 Advertising Expense 10,000 Dividends 3,000 Rent Expense 8,000 Supplies Expense 4,000 Retained Earnings, January 1 10,000 Salaries Expense 20,000 Consulting Revenue 118,000 Supplies on Hand 6,000 Instructions: Prepare each of the following financial statements. an income statement; a retained earnings statement; a classified balance sheet
The following items are taken from the financial statements of Starr Corporation for 2016:
Accounts Payable $78,000
Accounts Receivable 146,000
Bonds Payable 50,000
Cash 84,000
Common Stock 25,000
Advertising Expense 10,000
Dividends 3,000
Rent Expense 8,000
Supplies Expense 4,000
Retained Earnings, January 1 10,000
Salaries Expense 20,000
Consulting Revenue 118,000
Supplies on Hand 6,000
Instructions: Prepare each of the following financial statements.
- an income statement;
- a retained earnings statement;
- a classified
balance sheet
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