Lake Corporation finished its 4th year of operations on 12/31/2013. At the beginning of the year (January 1, 2013), Lake Corporation had a Retained Earnings Balance of $22,500. During 2013, Lake Corporation paid $5,000 in dividends.
In addition, the following balances existed for Lake Company at the end of the year of 2013 (December 31, 2013):
|
Service Revenue
|
$29,000
|
Land
|
$101,500
|
|
Cash
|
3,500
|
Advertising Expense
|
500
|
|
Rent Expense
|
6,000
|
Salaries Expense
|
11,000
|
|
Supplies
|
100
|
Accounts Payable
|
1,000
|
|
Consulting Revenue
|
3,600
|
Wages Payable
|
1,500
|
|
Common Stock
|
80,000
|
Accounts Receivable
|
10,000
|
Required: Use the above information to prepare:
(1) An Income Statement
(2) A Statement of Owner's Equity
(3) A Balance Sheet for Lake Corporation for the year of 2013.
You can prepare these statements "by hand" (please write neatly) or prepare them using WORD or EXCEL (must print your work to submit in class).
NOTE: Use proper headings on all statements and label all #'s. Use Page 214 from the text as a model for your set of statements.
Late work is not accepted. If you cannot submit your work in class on the due date, you can email your work as an attachment PRIOR to the start of class on the due date.