K
View the income statement.
The assets, liabilities, and equities of Rainer Design Studio have the following balances at December 31, 2025. The Retained Earnings was $40,000 at the beginning of the year. At year end, Common Stock was $16,000 and Dividends were $55,000.
View the account balances.
View the statement of retained earnings.
Prepare the balance sheet for Rainer Design Studio as of December 31, 2025. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.)
Assets
Liabilities
Stockholders' Equity
Statement of Retained Earnings
Rainer Design Studio
Statement of Retained Earnings
Year Ended December 31, 2025
X
Account Balances
Notes Payable
Rent Expense
Cash
Supplies
Salaries Expense
Property Tax Expense
Retained Earnings, January 1, 2025
$ 40,000
Net income for the year
56,800
96,800
Dividends
(55,000)
Retained Earnings, December 31, 2025
$ 41,800
Print
Done
9,600 Office Furniture
20,000 Utilities Expense
4,000 Accounts Payable
4,200 Service Revenue
61,000 Accounts Receivable
1,600 Miscellaneous Expense
Print
Done
Income Statement
Rainer Design Studio
Income Statement
Year Ended December 31, 2025
Revenues:
Service Revenue
$ 150,500
Expenses:
Salaries Expense
$ 61,000
Rent Expense
20,000
Utilities Expense
6,400
Miscellaneous Expense
4,700
1,600
Property Tax Expense
Total Expenses
Net Income
Print
Done
54,200
6,400
2,900
150,500
7,900
4,700
93,700
$ 56,800
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