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dditional Information

a$.$ An analysis of WTI's insurance policies shows that $$2,400$ of coverage has expired.

b$.$ An inventory count shows that teaching supplies costing $$2,800$ are available at year$-$end.

c$.$ Annual depreciation on the equipment is $$13,200.$

d$.$ Annual depreciation on the professional library is $$7,200.$

e$.$ On September $1,$ WTI agreed to do five training courses for a client for $$2,500$ each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $$12,500$ cash in advance for all five training courses on September $1,$ and WTI credited Unearned Revenue.

f$.$ On October $15,$ WTI agreed to teach a four$-$month class $($beginning immediately$)$ for an executive with payment due at the end of the class. At December $31,$ $$7,500$ of the tuition revenue has been earned by WTI.

g$.$ WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $$100$ per day for each employee.

h$.$ The balance in the Prepaid Rent account represents rent for December.

$3-$a$.$ Prepare Wells Technical Institute's income statement for the year.

$3-$b$.$ Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $$80,000$ on December $31$ of the prior year.

$3-$c$.$ Prepare Wells Technical Institute's balance sheet as of December $31.$

Complete this question by entering your answers in the tabs below.

Req $3$A

Req $3$B

Req $3$C

Prepare Wells Technical Institute's income statement for the year.

$\backslash$table$[[$WELLS TECHNICAL INSTITUTE,,$],[$Income Statement,,$],[$For Year Ended December $31,,],[,,],[,,]]$

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