Problem:
The following information relates to Linda Stanley Co. for the year 2008.
Retained earnings, January 1, 2008 $ 48,000 Advertising expense $ 1,800
Dividends during 2008 6,000 Rent expense 10,400
Service revenue 62,500 Utilities expense 3,100
Salaries expense 30,000
Instructions:
After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2008.