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    Financial Statements - Drew Corporation

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    These items are taken from the financial statements of Drew Corporation for 2007.

    Retained earnings (beginning of year) 31,000
    Utilities expense 2,000
    Equipment 66,000
    Accounts payable 13,300
    Cash 17,900
    Salaries payable 3,000
    Common stock 13,000
    Dividends 12,000
    Service revenue 82,000
    Prepaid insurance 3,500
    Repair expense 1,800
    Depreciation expense 3,300
    Accounts receivable 14,200
    Insurance expense 2,200
    Salaries expense 37,000
    Accumulated depreciation 17,600

    How do I prepare an income statement, a retained earnings statement, and a classified balance sheet as of Dec. 31, 2007?

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    Solution Summary

    This solution prepares an income statement, a retained earnings statement and a classified balance sheet.