XYZ Corporation began operations on January 1, 2019. The following information is available for XYZ Corporation...

XYZ Corporation began operations on January 1, 2019. The following information is available for XYZ Corporation on December 31, 2019.

Accounts receivable	1,800	Common stock	10,000	Supplies	4,000
Accounts payable	2,000	Retained earnings	?	Supplies expense	200
Rental expense	9,000	Equipment	16,000	Cash	1,400
Notes payable	5,000	Insurance expense	1,000	Dividends	600
Service revenue	17,000

Instructions

Prepare an (1) income statement, (2) a retained earnings statement, and (3) a balance sheet using this information.

Solutions

Expert Solution

ekkarill92 answered 10 months ago

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