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    Income Statement, Retained Earnings, and Balance Sheet

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    Given the following year-end balances, prepare an income statement, statement of retained earnings, and a classified balance sheet.

    Accounts payable $2,550
    Accounts receivable 3,550
    Accumulated depreciation 6,250
    Beginning retained income 6,450
    Cash 2,300
    Cost of goods sold 52,300
    Depreciation expense 2,500
    Dividends declared 8,800
    Fixed assets 29,000
    Income tax expense 10,700
    Interest expense 1,150
    Inventory 6,250
    Long-term note payable 11,500
    Paid-in capital 4,450
    Prepaid rent 350
    Rent expense 4,000
    Sales 118,600
    Wage expense 31,900
    Wages payable 3,000

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    Solution Summary

    This solution shows a prepared an income statement in an Excel file for the year-end balances as well as the retained earnings, and balance sheet.