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Below is an alphabetical listing of all the accounts for T.O.'s Dance studio on 12/31/11. Assume...

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Accounting

Below is an alphabetical listing of all the accounts for T.O.'sDance studio on 12/31/11. Assume all adjustments have been made andall balances are \"normal.\" Accounts payable 3,000 Accountsreceivable 8,000 accumulated depreciation-Equip. 3,000 Contributedcapital 2,000 Cash 5,000 Depreciation expense 1,000 Dividendsdeclared 1,000 Equipment 9,000 Income Tax expense 1,000 IncomeTaxes Payable 1,000 Service Revenue 18,000 Rent Expense 2,000Retained Earnings(as of 1/1/11) 3,000 Unearned Revenue 1,000 wageexpenses 4,000. Now prepare an Income Statement in good form forT.O.'s Dance Studio. Also prepare closing entries for T.O.'s Dancestudio, Prepare The Statement of Retained Earnings for T.O.'s DanceStudio , & lastly Prepare the Classified Balance Sheet forT.O.'s Dance Studio.

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T.O.'s Dance Studio

INCOME STATEMENT

FOR THE PERIOD ENDED 12/31/11
Service revenue 18000
less:
Depreciation expense 1000
Rent Expense 2000
wage expenses 4000
Total expense (7000)
Income before income tax expense 11000
less:Income tax expense (1000)
Net income 10000

T.O.'s Dance Studio

STATEMENT OF RETAINED EARNING

FOR THE PERIOD ENDED 12/31/11
Beginning balance 1/1/2011 3000
Net income 10000
Total 13000
less:dividend (1000)
Retained earning as on 12/31/11 12000

T.O.'s Dance Studio

BALANCE SHEET

AS ON 12/31/11
current asset
cash 5000
Accounts receivable 8000
Total current asset 13000
property plant and equipment
Equipment 9000
Less :Accumulated depreciation (3000) 6000
Total asset 19000
Liabilities and stockholders equity
Accounts payable 3000
Income tax payable 1000
Unearned Revenue 1000
Total current liabilities 5000
stockholders equity
Contributed capital 2000
Retained earning 12000
Total stockholders equity 14000
Total Liabilities and stockholders equity 19000
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