Question

need retained earnings and Balance sheet

Two employees have been hired, at a monthly salary of $2,100 each. The following transactions occurred during January of the current year. Ch. January $4,200 is paid for 12 months" insurance starting January 1. (Record as an asset.) 53,600 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $30, ce cash from First State Bank at ex annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $19,200 Stockholders contribute $8,000 of additional cash to FDI for its common stock. Additional supplies costing $1,400 are purchased on account and received $800 of accounts receivable arising from last year's December sales are collected. $500 of accounts payable from December of last year are paid. Performed services for customers on account. Sent invoices totaling $11,6ee. 57,400 of services are perforsed for customers who paid immediately in cash. $2,100 of salaries are paid for the first half of the month. FOI receives $3,700 cash from a customer for an advance order for services to be provided later in January and in February. $3,989 is collected from customers on account (see January 9 transaction). 25 Ch. January Additional information for adjusting entries: 31a. A $1,100 bill arrives for January utility services. Payment is due February 15. 31b. Supplies on hand on January 31 are counted and determined to have cost $260. 31c. As of January 31, FOI had completed 60% of the deliveries for the customer who paid in advance on January 20. 31d. Accrue one month of interest on the bank loan. Yearly interest is determined by multiplying the amount borrowed by the annual interest rate (expressed as 0.84). For convenience, calculate anuary interest as one-twelfth of the annual interest. Ble. Assume the van will be used for 4 years, after which it will have no value. Thus, each year, one-fourth of the van's benefits will be used up, which implies annual depreciation equal to one-fourth of the van's total cost Record depreciation for the month of January, equal to one-twelfth of the annual depreciation expense. 31f. Salaries earned by employees for the period from January 16-31 are si,ese per employee and will be paid on February 3. 31g. Adjust the prepaid asset accounts (for rent and insurance) as needed.

Answer 1

Income statement was also incorrect, so i have provided you income statement also

Income Statement
Revenues
Service Revenue	$        21,220
Total Revenues	$        21,220
Expenses
Salaries and Wages Expense	$           4,200
Utilities Expense	$           1,100
Supplies Expense	$           1,790
Depreciation Expense	$              400
Insurance Expense	$              350
Rent Expense	$              300
Interest Expense	$              100
Total Expenses	$           8,240
Net Income	$        12,980

Statement of Retained Earnings
Beginning Balance	$              840
Add: Net Income	$        12,980
	$        13,820
Less : Dividend	$                 -
Ending Balance	$        13,820

Balance Sheet
Assets			Liabilities & Stockholder's Equity
Current Assets			Current Liabilities
Cash	$        36,100		Accounts Payable	$           2,700
Accounts Receivable	$           7,720		Deferred Revenue	$           1,480
Supplies	$              260		Salaries and Wages Payable	$           2,100
Prepaid Rent	$           3,300		Interest payable	$              100
Prepaid Insurance	$           3,850		Total Current Liabilities		$          6,380
Total Current Assets		$        51,230	Long term Notes Payable		$        30,000
Equipment	$        19,200		Total Liabilities		$        36,380
Less : Accumulated Depreciation	$            -400		Shareholder's Equity
Total Land, Buildings and Equipment		$        18,800	Common Stock	$        19,830
			Retained Earnings	$        13,820
			Total Shareholder's Equity		$        33,650
Total Assets		$        70,030	Total Liabilities & Shareholder's Equity		$        70,030