Question

Income Statement: Part 3: Below are the accounts for Ben Inc. The company just completed its fourth year of operations ended December 31, 2019. Prepare the (1) Income Statement and the (2) Balance Sheet for Ben Inc. Use the provided tables and add proper headings when making these statements. $ Cash Accounts Payable Service Fees Revenue Supplies Expense Insurance Expense Retained Earnings, 1/1/19 Building Rent Expense Salaries Expense Supplies Inventory Maintenance Expense Contributed Capital Notes Payable Accounts Receivable Dividends (declared and paid during 2019) 213,000 34,000 275,000 8,000 4.000 41,000 80,000 10,000 56,000 32,000 7,000 46,000 32,000 16,000 2,000 Balance Sheet:

Answer 1

Income Statement: 275,000.00 | Service Fees Revenue Less: Operating Expenses: Supplies Expense Insurance Expense Rent Expense Salaries Expense Maintenance Expense Total Operating Expenses Net Income (Loss) 8,000.00 4,000.00 10,000.00 56,000.00 7,000.00 85,000.00 190,000.00 462

Balance Sheet: Assets Cash Accounts Receivable Supplies Inventory Total Current Assets Building Total Assets 213,000.00 16,000.00 32,000.00 261,000.00 80,000.00 341,000.00 44 34,000.00 32,000.00 66,000.00 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Total Liabilities Stockholders' Equity: Contributed Capital Retained Earnings (1/1/19) Add: Net Income Less: Dividends Paid Total Stockholders' Equity Total Liabilities and Stockholders' Equity 46,000.00 41,000.00 190,000.00 (2,000.00) 275,000.00 341,000.00