Explain the amounts of the assets & liabilities

Question

Following are the amounts of the assets & liabilities of YXZ Company at Dec. 31, 2010, the end of the accounting cycle, and its revenue and expenses for the year. Retained Earnings was $15,850 on January 1, 2010. DIvidends of $23,000 were paid during the year.

Prepare:

1. An Income Statement

2. A statment of changes in retained earnings

3. A balance sheet

1. Salay Expense $20,000
2. Land 18,000
3. Cash 92,000
4. Accounts Payable 42,000
5. Rent Expense 12,000
6. Supplies 500
7. Rent Payable 700
8. Interest Expense 450
9. Accounts Receivable 10,000
10. Service Revenue 100,000
11. Utilities Expense 8,750
12. Capital Stock 37,000
13. Equipment 10,000
14. Supplies Expense 850