Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable $11,000
prepaid insurance 2500
Interest expense 500
Accounts payable 1500
Wages payable 400
Cash 10,000
Wages expense 7500
Insurance expense 1800
Common stock 10,000
Retained earnings 14,800
Services revenue 20,000

Accumulated depreciation—BuiIdings $15,000
Accounts receivable 4000
Utilities expense 1300
Interest payable 100
Unearned revenue 800
Supplies expense 200
Buildings 40,000
Dividends 3,000
Depreciation expense—BuiIdings 2,000
Supplies 800

Required:
Prepare the:

a. Income statement
b. Statement of retained earnings for the year ended December 31
c. Balance sheet at December 31. The Retained Earnings account balance was $118,800 on December 31 of the prior year.

a. Income statement

Services revenue                                                      20,000

Unearned revenue                                                         800

Total Revenue                                                           20,800

Less Expenses :

Interest expense                                          500

Wages expense                                        7,500

Insurance expense                                    1,800

Utilities expense                                        1,300

Supplies expense                                        200

Depreciation expense—BuiIdings           2,000      (13,300)

Net Income                                                                  7,500

b. Statement of retained earnings for the year ended December 31

Retained earnings at the beginning of the year 14,800

Add Profit for the year                                            7,500

Less Dividends Paid                                             (3,000)

Retained earnings at the end of the year           19,300

c. Balance sheet at December 31.

Non - Current Assets

Buildings                                                 40,000

Accumulated depreciation—Buildings (15,000)

Total Non - Current Assets                    25,000

Current Assets

Supplies                                                       800

Accounts receivable                                4,000

Prepaid insurance                                    2,500

Cash                                                         10,000

Total Current Assets                               17,300

Total Assets                                             42,300

Equity and Liabilities

Equity

Common stock                                        10,000

Retained Earnings                                   19,300

Total Equity                                              29,300

Non - Current Liabilities

Notes payable                                          11,000

Total Non - Current Liabilities                 11,000

Current Liabilities

Accounts payable                                     1,500

Wages payable                                           400

Interest payable                                          100

Total Current Liabilities                           2,000

Total Equity and Liabilities                    42,300

Explanation:

The Profit for the year is included in the calculation of the Retained Earnings figure for the end of the year. The retained earnings figure at end of the year is part of Equity in the Balance Sheet.

(Note Income Statement Consist of Revenue Expenditures only, whilst Balance Sheet consists of Assets, Equity and Liabilities).

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