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Financial Statements (40Points)
On December 31, 2016, the accounts inthe ledger of Monroe Entertainment Co. are listed below. Allaccounts have normal balances. At the beginning of the year,retained earning balance is $4,000.
Note Payable due 10/31/2018
$ 10,000
Accounts Receivable
6,000
Accumulated Depreciation- Equipment (Creditbalance)
6,000
Dividends
1,000
Cash
16,000
Depreciation Expense
5,000
Equipment
12,000
Fees Earned
50,000
Rent Expense
6,000
Supplies
2,000
Supplies Expense
3,000
Wages Expense
21,000
Wages Payable
2,000
Q1. Generate the Income statement (10points)
Monroe Entertainment Company
Income Statement
For the Year Ended December 31, 2016
Revenues:
S
Total Revenue
Expenses:
Total Expenses:
Net Income
Please generate Retained Earnings Statement based uponthe above information and net income you calculated.
Monroe Entertainment Company
Retained Earnings Statement
For the Year Ended Dec 31, 2016
Retained Earnings at beginning of the year
$___4,000 __________
Net Income
_____________________
Less: Dividends
_____________________
Net Increase/(Decrease) in the end
______________________
Retained Earnings at end of the year
$_____________________
3.Please generate Balance Sheet as ofDecember 31, 2016 (20 points).
Monroe Entertainment Company
Balance Sheet
Dec 31, 2016
Assets
Liabilities
$
$
Total Assets
$
Total Liabilities and Shareholders’ Equity
$
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