Problem - An adjusted trial balance for Green, Inc., at December 31, 2016 appears below.
Accounts payable $16,000
Accounts receivable 47,000
Accumulated Depreciation-Equipment 10,000
Common Stock 55,000
Cash 45,000
Depreciation Expense 2,000
Dividends 3,000
Equipment 70,000
Prepaid insurance 6,000
Rent expense 20,000
Retained earnings, January 1, 2016 80,000
Salary expense 28,000
Service Revenue 60,000
Required: Prepare an income statement, retained earnings statement, and the balance sheet the year ended December 31, 2016. You need to make sure you set up the appropriate titles for each financial statement and use the proper labeling on each of the statements.