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Riley Incorporated reports the following amounts at the end of the year

Riley Incorporated reports the following amounts at the end of the year:

 

Cash

$  3,200

 

Service Revenue

$ 92,500

Buildings

60,000

 

Salaries Expense

72,800

Accounts Payable

8,500

 

Equipment

72,000

Interest Expense

4,000

 

Supplies

6,400

Advertising Expense

11,300

 

Notes payable

40,000


In addition, the company had common stock of $65,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders’ equity, and balance sheet.

Jan 25 2020 View more View Less

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