Presented below are the amounts of assets and liabilities of Long Way Home, Inc. as of December 31, 2015,
and revenues and expenses of the company for the year ended on that date. These items are listed in alphabetical order.
Accounts Payable $ 121,000
Accounts Receivable $ 104,500
Accumulated Depreciation $ 41,250
Cash $ 640,200
Common Stock $ 990,000
Cost of Goods Sold $ 660,000
Depreciation Expense $ 41,250
Dividends $ 24,750
Equipment $ 990,000
Interest Expense $ 5,500
Interest Payable $ 5,500
Insurance Expense $ 99,000
Notes Payable - Long Term $ 412,500
Prepaid Insurance $ 99,000
Rent Revenue $ 66,000
Sales $ 1,650,000
Supplies $ 77,550
Supplies Expense $ 37,950
Taxes Payable $ 66,000
Utilities Expense $ 36,300
Wages Expense $ 605,000
Wages Payable $ 68,750
Requirements:
1. Prepare the company's income statement for the year ended December 31, 2015.
2. Prepare the company's statement of retained earnings for the year ended December 31, 2015.
3. Prepare the company's balance sheet at December 31, 2015.