Automobile is assumed to be a fixed asset. Hence, it is shown
under Non-current assets and not under current assets.
![$ 50,500 Keria Corp Income Statement For the Year Ended December 31, 2017 Service Revenue Operating expenses: Salary expense](//img.homeworklib.com/questions/3974d8a0-7976-11ea-b4b3-27861ac8f790.png?x-oss-process=image/resize,w_560)
![$ $ $ 128,000 15,700 1,500 Balance Sheet Assets Current assets Cash Accounts receivable Supplies Total Current Assets Non-cur](//img.homeworklib.com/questions/3a2da660-7976-11ea-97e1-994ff5fb5122.png?x-oss-process=image/resize,w_560)
$ 50,500 Keria Corp Income Statement For the Year Ended December 31, 2017 Service Revenue Operating expenses: Salary expense $ 18,000 Rent expense $ 9,400 Interest Expense $ 4,900 Utilities Expense $ 5,200 Total operating expenses Net Income $ $ 37,500 13,000 Keria Corp Statement of Retained Earnings For the Year Ended December 31, 2017 Retained Earnings beginning balance $ Add: Net Income $ Add: Dividends paid (to owner) $ Retained Earnings Ending balance $ 43,100 13,000 (14,600) 41,500
$ $ $ 128,000 15,700 1,500 Balance Sheet Assets Current assets Cash Accounts receivable Supplies Total Current Assets Non-current assets Automobiles Furniture Land Total Assets $ 145,200 $ $ $ 12,900 18,000 23,000 $ $ 53,900 199,100 Liabilities and Owners' Capital Current liabilities Accounts Payable $ 106,100 Salary Payable $ 2,400 Notes Payable $ 17,000 Interest Payable $ 1,600 Total Current Liabilities $ Total Laibilities $ Stockholders' Equity Common Shares $ 30,500 Retained Earnings $ 41,500 Total Stockholders' Equity | $ Total Liabilities and Stockholders' Equity $ 127,100 127,100 72,000 199,100