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The assets and liabilities of Toronto Service Inc. as of December 31, 2008, and revenue and expenses for the year ended December 31, 2008 are listed below:
Accounts Payable
$21,000
Property tax expense
$5,000
Accounts Receivable
25,000
Rent expense
3,000
Advertising expense
10,000
Salary expense
85,000
Building
140,000
Salary payable
12,000
Cash
Service Revenue
200,000
Furniture
20,000
Share Capital
75,000
Interest expense
4,000
Supplies
Land
98,000
Note Payable
95,000
Beginning Retained Earnings were $50,000 and dividends totaled $50,000 for the year. Required: a. Prepare the Income Statement for the year ended December 31, 2008. b. Prepare the Statement of Retained Earnings for the year. c. Prepare the Balance Sheet at December 31, 2008. d. Based on the financial statements prepared, answer the following questions:
1.Was Toronto Service Inc. profitable during 2008? If so by how much? 2.Did Retained Earnings increase or decrease? What is the amount of the change? 3.Which is the greater total, liabilities or total equity? Who owns more of the company's assets, the creditors or the shareholders?
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