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A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date.

	Unadjusted Trial Balance					Adjusted Trial Balance
Cash	$	119,050				$	119,050
Accounts receivable		10,000					21,000
Office supplies		17,800					5,000
Prepaid insurance		7,240					3,360
Office equipment		87,000					87,000
Accum. Depreciation—Office equip.			$	25,000				$	28,000
Accounts payable				10,100					18,000
Interest payable				0					3,000
Salaries payable				0					7,000
Unearned consulting fees				24,000					12,000
Long-term notes payable				58,000					58,000
Common stock				33,600					33,600
Retained earnings				22,400					22,400
Dividends		5,000					5,000
Consulting fees earned				169,000					192,000
Depreciation expense—Office equip.		0					3,000
Salaries expense		67,920					74,920
Interest expense		1,280					4,280
Insurance expense		0					3,880
Rent expense		14,680					14,680
Office supplies expense		0					12,800
Advertising expense		12,130					20,030
Totals	$	342,100	$	342,100		$	374,000	$	374,000
2(a-1) Prepare JKL Company's income statement for the year ended July 31, 2017. 2(a-2) Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $22,400, and the current-year dividends were $5,000. 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017.

	JKL COMPANY Income Statement For Year Ended July 31, 2017 Revenues Consulting fees earned $0 Expenses Salaries expense Insurance expense Rent expense Office supplies expense Advertising expense Depreciation expense—Office equipment 0

Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $22,400, and the current-year dividends were $5,000.

	JKL COMPANY Statement of Retained Earnings For Year Ended July 31, 2017 Retained earnings, July 31, 2016 0 Retained earnings, July 31, 2017 $0

Prepare JKL Company's the balance sheet as of July 31, 2017.

	JKL COMPANY Balance Sheet July 31, 2017 0 $0 0 0 $0

Answer 1

--Requirements asked

KL COMPANY
Income Statement
For Year Ended July 31, 2017
Revenues
Consulting fees earned		$192,000
Total Revenues		$192,000
Expenses
Salaries expense	$74,920
Insurance expense	$3,880
Rent expense	$14,680
Office supplies expense	$12,800
Advertising expense	$20,030
Depreciation expense—Office equipment	$3,000
Interest Expenses	$4,280
Total Expenses		$133,590
Net Income		$58,410

JKL COMPANY
Statement of Retained Earnings
For Year Ended July 31, 2017
Retained earnings, July 31, 2016	$22,400
Add: Net Income	$58,410
Less: Dividends	$5,000
Retained earnings, July 31, 2017	$75,810

JKL COMPANY
Balance Sheet
July 31, 2017
ASSETS
Cash		$119,050
Accounts receivables		$21,000
Office Supplies		$5,000
Prepaid Insurance		$3,360
Office Equipment	$87,000
Less: Accumulated Depreciation - Off Equip	$28,000	$59,000
Total Assets		$207,410
LIABILITIES & STOCKHOLDER's EQUITY
Liabilities:
Accounts Payable	$18,000
Interest payable	$3,000
Salaries Payable	$7,000
Unearned Consulting Fees	$12,000
Long Term Notes payable	$58,000
Total Liabilities		$98,000
STOCKHOLDER's EQUITY
Common Stock	$33,600
Retained Earnings	$75,810
Total Stockholder's Equity		$109,410
Total Liabilities & Equity		$207,410