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The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end...

The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end of the current year. The retained earnings balance was $11,500 at January 1, 2018, the beginning of the current year.

Marie, Inc.

Adjusted Trial Balance

December 31, 2018

Accounts

Debit

Credit

Cash

$83,600

Accounts Receivable

29,000

Prepaid Insurance

3,500

Office Supplies

3,200

Building

207,000

Accumulated Depreciation—Building

$26,500

Land

47,000

Accounts Payable

25,000

Salaries Payable

5,000

Unearned Revenue

27,000

Mortgage Payable

103,000

Common Stock

16,000

Retained Earnings

11,500

Dividends

5,000

Service Revenue

290,000

Salaries Expense

62,500

Rent Expense

47,000

Depreciation Expense—Building

6,200

Supplies Expense

2,000

Insurance Expense

5,000

Interest Expense

3,000

Total

$504,000

$504,000

Requirements

1.

Prepare Marie, Inc.’s income statement for the year ended 12/31/2018 ( Net Income = $164,300)

2.

Prepare the statement of retained earnings for the year ended 12/31/2018 (RE ending balance = $170,800)

3.

Prepare the balance sheet as of 12/31/2018

(Total current assets = $119,300) (Total assets = $346,800)

(Total liabilities = $160,000) (Total SE = $186,800)

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