(Answered) Question - prepare financial statements the adjusted trial

Accounting

Question - Prepare Financial Statements

The adjusted trial balance of Cavamanlis Co. as of December 31, 2010, contains the following.

CAVAMANLIS CO. Adjusted Trial balance December 31, 2010
Account Titles	Dr.	Cr.
Cash	$18,972
Account receivable	6,920
Prepaid rent	2,280
Equipment	18,050
Accumulated Depreciation		$4,895
Notes payable		5,700
Accounts payable		4,472
Common stock		20,000
Retained earnings		11,310
Dividends	3,000
Service revenue		12,590
Salaries expense	6,840
Rent expense	2,760
Depreciation expense	145
Interest expense	83
Interest payable		83
	$59,050	$59,050

Instructions:

(a) Prepare an income statement.

(b) Prepare a statement of retained earnings.

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