Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable$18,000 Accumulated depreciation-Buildings$22,000 Prepaid insurance 3,200 Accounts receivable 5,400 Interest expense 640 Utilities expense 2,000 Accounts payable 5,000 Interest payable 380 Wages payable 1,100 Unearned revenue 1,150 Cash 24,000 Supplies expense 340 Wages expense 8,200 Buildings 110,000 Insurance expense 2,500 Stark, Withdrawals 6,500 Stark, Capital 66,800 Depreciation expense-Buildings 5,500 Services revenue 55,000 Supplies 1,150 Prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, and (3) balance sheet at December 31. The Stark, Capital account balance was $66,800 on December 31 of the prior year. Please use numbers indicated in my question and supply solution for income statement ,St. Owner's Equity, and balance sheet. Thanks for your prompt responses and detailed solutions. They are really helping me.

Stark Company Income Statement Revenues: Service Revenue $ 55,000 Total revenues…

Answered: Following are the accounts and balances…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Following are the accounts and balances from the adjusted trial balance of Stark Company.


Notes payable	$	18,000	Accumulated depreciation-Buildings	$	22,000
Prepaid insurance		3,200	Accounts receivable		5,400
Interest expense		640	Utilities expense		2,000
Accounts payable		5,000	Interest payable		380
Wages payable		1,100	Unearned revenue		1,150
Cash		24,000	Supplies expense		340
Wages expense		8,200	Buildings		110,000
Insurance expense		2,500	Stark, Withdrawals		6,500
Stark, Capital		66,800	Depreciation expense-Buildings		5,500
Services revenue		55,000	Supplies		1,150

Prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, and (3) balance sheet at December 31. The Stark, Capital account balance was $66,800 on December 31 of the prior year.

Please use numbers indicated in my question and supply solution for income statement ,St. Owner's Equity, and balance sheet. Thanks for your prompt responses and detailed solutions. They are really helping me.

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