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Prepare a statement of retained earnings

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Reference no: EM131790327

Question - Prepare Financial Statements

The adjusted trial balance of Cavamanlis Co. as of December 31, 2010, contains the following.

CAVAMANLIS CO. Adjusted Trial balance December 31, 2010

Account Titles

Dr.

Cr.

Cash

$18,972

Account receivable

6,920

Prepaid rent

2,280

Equipment

18,050

Accumulated Depreciation

$4,895

Notes payable

5,700

Accounts payable

4,472

Common stock

20,000

Retained earnings

11,310

Dividends

3,000

Service revenue

12,590

Salaries expense

6,840

Rent expense

2,760

Depreciation expense

145

Interest expense

83

Interest payable

83

$59,050

$59,050

Instructions:

(a) Prepare an income statement.

(b) Prepare a statement of retained earnings.

(c) Prepare a classified balance sheet.

Reference no: EM131790327

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