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Use the following information available as of December 31 to prepare an income statement for the year and a balance sheet for Goldie Company.
Fees for services performed during the year, $127,000
Accounts payable, $17,700
Accounts receivable, $18,000
Miscellaneous expenses for the year, $9,500
Supplies on hand, $3,100
Notes payable, $25,000
Interest expense on the note for the year, $3,000
Equipment, $91,300
Cash on hand, $12,100
Salaries expense for the year, $71,100
Supplies expense for the year, $9,000
Rent expense for the year, $11,800
Common stock that has been issued, $59,000
Retained earnings at the end of the year, $22,800
a. Income statement.
b. Classified balance sheet. (Be sure to list the assets and liabilities in order of their liquidity.)
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