Question

My balance sheet is wrong in part 3 as you can see. I need some help fixing that please.

I also need some help in placing the proper things in the income statement.
File Home Thselt Page Layout Formulas Data Review View Developer Help Shale Lomments 2 D E' 47 5 Times New Roman ~ 11 BIU - Font A A A- === du SE alle Wrap Text E Merge & Center - General $ -% 3 Insert" Delete Format Paste 0 % , 40.00 Ideas Sensitivity Conditional Format as Formatting Table Styles Cell Styles Sort & Find & Filter Select Editing Clipboard Alignment Number Cells Ideas Sensitivity E F G H I J L M N O P Q R S T Income Statement: Part 3: Below are the accounts for Ben Inc. The company just completed its fourth year of operations ended December 31, 2019. Prepare the (1) Income Statement and the (2) Balance Sheet for Ben Inc. Use the provided tables and add proper headings when making these statements. 1 1940 1941 $ $ Revenues Cash Service $ 213,000 Cash Accounts Payable Service Fees Revenve Supplies Expense Insurance Expense Retained Earnings, 1/1/19 Building Rent Expense Salaries Expense Supplies Inventory Maintenance Expense Contributed Capital Notes Payable Accounts Receivable Dividends (declared and paid during 2019) 213,000 34,000 275,000 8.000 4,000 41,000 80,000 10,000 56,000 32,000 7,000 46,000 32,000 16,000 2,000 Balance Sheet: 1942 1941 1 Instructions Part 1 Part 2 Part 3 + Beady - - H+ + 70%

Answer 1

Income Statement:

Income Statement
Revenues:
Service Fees Revenue	$275,000
Expenses:
Rent Expense	$10,000
Salaries expense	$56,000
Maintenance Expense	$7,000
Supplies Expense	$8,000
Insurance Expense	$4,000
Net income	$190,000

Balance Sheet:

Balance Sheet
Assets
Cash	$213,000
Accounts Receivable	$16,000
Supplies Inventory	$32,000
Buildings	$80,000
Total Assets	$341,000
Liabilities
Accounts Payable	$34,000
Notes payable	$32,000
Stockholder's equity
Contributed Capital	$46,000
Retained earnings*	$229,000
Total liabilities and stockholder's equity	$341,000

*Retained earnings:

Statement of retained earnings
Retained Earnings, 1/1/19	$41,000
Add: Net income	$190,000
(Less): Dividends	($2,000)
Retained Earnings, 12/31/19	$229,000