Mondrian Company show the following balances. Prepare an income statement, statement of retained earnings and a...

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MONDRAIN
Income Statement
Year 2
Revenues :
Consulting Revenue	$ 45,200
Rental Revenue	$ 17,400
Total Revenues		$ 62,600
Less: Expenses:
Salaries expense	$ 18,500
Rent expense	$ 16,700
Selling and administrative expense	$ 8,100
Total expenses		($ 43,300)
Net Income		$ 19,300

MONDRAIN
Retained Earnings
December 31, Year 2
Retained earnings December 31,Year 1	$ 15,900
Add: Net income	$ 19,300
Less: owner draw	($14,200)
Retained earnings December 31,Year 2	$ 21,000

MONDRAIN
Balance Sheet
December 31, Year 2
Assets :
Current assets :
Cash	$ 14,900
Accounts receivable	$ 6,200
Supplies	$ 8,400
Total Current assets		$ 29,500
Property , plant and equipment :
Equipment		$ 15,900
Total assets		$ 45,400
Liabilities and shareholder's equity :
Current liabilities :
Accounts payable		$ 2,400
Shareholder's equity :
Common stock	$ 22,000
Retained earnings	$21,000
Total shareholder's equity		$ 43,000
Total liabilities and shareholder's equity		$ 45,400

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