Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Clay Enterprises for the year ended December 31, 2011.
Accts Payable:$4,800
Accts Rec.:600
Buildings:56,000
Cash:26,200
Commissions Earned:20,500
Common Stock:50,000
Dividends:3,000
Insurance Expense:1,000
Land:$39,000
Notes Payable:6,000
Rent Expense:3,000
Salaries Expense:8,400
Supplies:400
Interest Expense:600
Income Tax Expense:1,500
Accumulated Depreciation(Building):4,000