Question

Unique Photography works weddings and prom-type parties. The balance of retained earnings was $22,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances: E: (Click the icon to view the accounts.) Prepare the following financial statements for Unique Photography for the year ended December 31, 2018: a. Income statement. b. Statement of retained earnings. c. Balance sheet. a. Prepare Unique Photography's income statement. (If a box is not used in the table leave the box empty, do not enter a label or a zero. Check your spelling carefully and do not abbreviate. When applicable, use only the account names provided in the problem statement.) Unique Photography Income Statement Year Ended December 31, 2018 Revenue Service Revenue $ 120,000 Expenses 21,000 Salaries Expense Insurance Expense 13,000 Advertising Expense 1,000 A Data Table - X Total Expenses 35,000 $ 85,000 Net Income Insurance Expense 13,000 Accounts Receivable b. Prepare Unique Photography's statement of retained earnings. (Check your spelling carefully and do not abbreviate.) $ 11,000 16,000 Cash 37,000 Unique Photography Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, December 31, 2017 Accounts Payable Advertising Expense 15,000 1,000 120,000 13,000 Notes Payable Retained Earnings, Dec. 31, 2018 Salaries Expense Equipment Common Stock 21,000 Service Revenue $ 22,000 47000 110,000 33,000 Dividends Net Income 34000 (13,000) Print Done Dividends Retained Earnings, December 31, 2018

Answer 1

Income Statement Revenue Seceice Revenue $ 120.000 Expenses inswance Exp - $ 13,000 Salary exp $ 211000 Advertising exp - $ 1000 Total expense - $ 35,000 un d Met Income $ 85.000 b) statement of retained earnings ot Retained cournings, Dec 31, 2017 $ 22.000 Net Income $ 85,000 $1071000 Dividends - ($. 13.000 ). . Retained earnings, Dec31, 2018 - $94000

C) Balance Sheet as on Dec 31, 2018 Assels Fred Aset Equipment $ 110,000 curent Asselt Account Receivables - $ 11,000 cash $ 37,000 Potal Assets $ 158,000 babilities and share holde equity liabilities Curent lan' Accounts payable Note payable $ 15,000 $ 16,000 Toral la bilete- $ 81,000 Shareholder's equity common 84001 Repaired Earning Total $ 33,000 $99.000 . - $1271000 Total liabilities and equill - $ 158,000