Tarech Company engaged in activities during the first year of its oper

QUESTION

Tarech Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals, $410. In addition, the year-end balances of selected accounts were as follows: Cash, $1,890; Other Assets, $1,000; Accounts Payable $450; and Owners Capital, $500. In proper format, prepare the income statement, statement of retained earnings, and balance sheet for Tarech Company (assume the year ends on December 31, 2010).
Income Statement Service Revenue 4,800 Less: Expenses 2,450 Net Income 2,350 Statement of Retained Earnings Opening Retained Earnings 0 Add: Net Incomes 2,350 Less: Withdrawals 410 Closing Retained Earnings 1,940 Balance¦

t Assets Amount Liabilities Amount Cash 1,890 Accounts Payable 450 Other Assets 1,000 Owners Equity 500 Retained Earnings 1,940 TOTAL 2,890 2,890

ANSWER:

CLICK REQUEST FOR  AN EXPERT SOLUTION