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Question 8 Wildhorse Co. began operations on January 1,2017. The following information is available for Wildhorse Co. on December 31, 2017. Accounts payable 7,300 Notes payable 11,600 Accounts receivable 4,300 Rent expense Advertising expense 4,130 Retaid earnings? Cash Common stock Dividends Equipment 12,300 5,400 Service revenue 17,300 Supplies 29,600 4,200 4,800 Supplies expense 1,570 29,100

Prepare an income statement for Wildhorse Co.. Wildhorse Co. Income Statement For the Year Ended December 31,2017 evenues Service Revenue 29600 xpenses Rent Expense Advertising Expense Supplies Expense otal Expenses et Income/(Loss) 12300 4130 1570 18000 11600

Prepare a retained earnings statement for Wildhorse Co. (List items that increase retained earnings first.) Wildhorse Co. Retained Earnings Statement

Prepare a balance sheet for Wildhorse Co.. (List assets in order of liquidity.) Wildhorse Co. Balance Sheet Assets Liabilities and Stockholders Equity

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Wildhorse Co Retained Earnings Statement For the Year Ended December 31, 2017 Revenues Service Revenue Expenses Advertising Expenses Rent Expenses S 29,600 $ 4,130 S 12,300 S 1,570 Supplies Expenses Total Expenses S 18,000 S11,600 Net Income Wildhorse Co. Retained Earnings Statement For the Year Ended December 31, 2017 Opening Retained Earnings Add: Net Income S 11,600 S11,600 S4,800 S6,800 Less: Dividends Closing balance of Retained EarningsWildhorse Co. Balance Sheet December. 31,2017 Assets Current assets Cash Accounts Receivables Supplies Equipment Total assets S 5,400 S 4,300 S 4,200 S 29,100 S 43,000 Liabilities and Stockholders Equitv Current Liabilities Accounts Pavable Notes Pavable Total Liabilities Shareholders Equity Common Stock Reatined Earnings Total Shareholders Equity Total Liabilities and Owners Capital S 7,300 S 11,600 S 18,900 17300 S 6,800 S 24,100 S 43,000

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