Reference no: EM131641698

Problem - An adjusted trial balance for Green, Inc., at December 31, 2016 appears below.

Accounts payable $16,000

Accounts receivable 47,000

Accumulated Depreciation-Equipment 10,000

Common Stock 55,000

Cash 45,000

Depreciation Expense 2,000

Dividends 3,000

Equipment 70,000

Prepaid insurance 6,000

Rent expense 20,000

Retained earnings, January 1, 2016 80,000

Salary expense 28,000

Service Revenue 60,000

Required: Prepare an income statement, retained earnings statement, and the balance sheet the year ended December 31, 2016. You need to make sure you set up the appropriate titles for each financial statement and use the proper labeling on each of the statements.