Reference no: EM132513111
Below is the following account information for Howard Corporation. All accounts have normal balances. The Howard Corporation has a December 31st year end.
Equipment........................................................................................ 60,000
Interest Expense.............................................................................. 2,400
Interest Payable............................................................................... 600
Retained Earnings........................................................................... ?
Dividends......................................................................................... 50,400
Land................................................................................................. 137,320
Accounts Receivable....................................................................... 102,000
Bonds Payable................................................................................. 78,000
Notes Payable (due in 6 months).................................................... 29,400
Common Stock................................................................................ 70,000
Accumulated Depreciation-Equipment.......................................... 10,000
Prepaid Advertising.......................................................................... 5,000
Service Revenue.............................................................................. 341,400
Buildings........................................................................................... 80,400
Supplies........................................................................................... 1,860
Income Taxes Payable.................................................................... 3,000
Utilities Expense.............................................................................. 1,320
Advertising Expense........................................................................ 1,560
Salaries and Wages Expense......................................................... 53,040
Salaries and Wages Payable.......................................................... 900
Accumulated Depreciation-Building................................................. 15,000
Cash................................................................................................. 45,000
Depreciation Expense...................................................................... 8,000
Required:
Question 1: Create a classified statement of financial position in good form given the above information for the fiscal year ended December 31, 2017.