These items are taken from the financial statements of Martin Corporation for 2017.
Retained earnings (beginning of year) $31,000
Utilities expense 2,000
Equipment 66,000
Accounts payable 18,300
Cash 10,100
Salaries and wages payable 3,000
Common stock 12,000
Dividends 12,000
Service revenue 68,000
Prepaid insurance 3,500
Maintenance and repairs expense 1,800
Depreciation expense 3,600
Accounts receivable 11,700
Insurance expense 2,200
Salaries and wages expense 37,000
Accumulated depreciation-equipment 17,600
Required:
1. Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2017.

Service revenue                                    68,000

Utilities expense                             2,000

Maintenance and repairs expense 1,800

Depreciation expense                    3,600

Insurance expense                         2,200

Salaries and wages expense       37,000

Total expenses                                     (46,600)  

Net Income                                             21,400

Retained earnings (beginning) $31,000

Net Income                                  21,400              

Dividends                                   (12,000)  

Ending Retained Earnings         40,400

Balance Sheet

Assets

current

Cash                           10,100

Accounts receivable  11,700

Prepaid insurance      3,500  

total current              25,300

Non-Current

Equipment(net)         48,400

Total Assets:              73,700

Liabilities

Accounts payable                18,300

Salaries and wages payable 3,000

Total Liabilities                      21,300

Equity

Common stock           12,000

Retained Earings        40,400

Total Equity                 52,400

Total Liabilities + Equity        73,700

Explanation:

First, we do the income statmeent which is revenues less expenses accounts

Then, we do the retained earnings.

To the beginning balance we add up the net income and subtract the dividends.

Then, end with the blaance sheet:

first assets in order of liquity

then liabilities and last equity using the retained earnings balance we calcualted.

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