Accounts payable $16,000 Accounts receivable 47,000 ...
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Accounting
| Accounts payable | $16,000 |
| Accounts receivable | 47,000 |
| Accumulated Depreciation-Equipment | 10,000 |
| Common Stock | 55,000 |
| Cash | 45,000 |
| Depreciation Expense | 2,000 |
| Dividends | 3,000 |
| Equipment | 70,000 |
| Prepaid insurance | 6,000 |
| Rent expense | 20,000 |
| Retained earnings, January 1, 2016 | 80,000 |
| Salary expense | 28,000 |
| Service Revenue | 60,000 |
Required: Prepare an income statement, retained earnings statement, and the balance sheet the year ended December 31, 2016. You need to make sure you set up the appropriate titles for each financial statement and use the proper labeling on each of the statements.
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