In addition, the company had common stock of $60,000 at the beginning of the yea

Question

In addition, the company had common stock of $60,000 at the beginning of the year and issued an additional $15,000 during the year. The company also had retained earnings of $20,000 at the beginning of the year and paid dividends of $3,500 Required: 1. Prepare the income statement Tiffany's for the year ended December 31 2. Prepare the statement of stockholders' equity Tiffany's for the year ended December 31 ended December 31 3. Prepare the balance sheet Tiffany's for the year ended December 31. (Be sure to list the assets and liabilities in order of their liquidity.)

Explanation / Answer

1.

2.

3.

Tiffany's Income Statement For the year ended December 31 $ $ Service Revenue 129,300 Expenses: Salaries Expense 67,800 Advertising Expenses 31,200 Utilities Expense 14,500 Interest Expense 3,500 Total Expenses 117,000 Net Income 12,300

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