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The year-end financial statements of Cobra Tax Services are provided below. COBRA TAX SERVICES Income...

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Accounting

The year-end financial statements of Cobra Tax Services are provided below. COBRA TAX SERVICES Income Statement Service revenue $ 73,000 Expenses: Salaries $ 45,100 Utilities 7,300 Insurance 4,900 Supplies 1,650 58,950 Net income $ 14,050 COBRA TAX SERVICES Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Beginning balance, January 1 $ 51,000 $ 23,600 74,600 Issue stock 21,000 21,000 Net income 14,050 14,050 Dividends (5,100) (5,100) Ending balance, December 31 $ 72,000 $ 32,550 $ 104,550 COBRA TAX SERVICES Balance Sheet Assets Liabilities Cash $ 3,800 Accounts payable $ 5,550 Accounts receivable 6,300 Stockholders' Equity Land 100,000 Common stock $ 72,000 Retained

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