From the following Company Y adjusted trial balance, prepare simple financial statements as follows:
1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet
Adjusted Trial Balance
Debit Credit
Cash $ 32,000
Accounts receivable 17,300
Prepaid insurance 6,400
Land 10,000
Accounts payable $ 10,900
Salaries payable 6,000
Common stock 31,000
Retained earnings 4,200
Dividends 8,000
Service revenue 74,000
Insurance expense 5,600
Salaries expense 24,000
Miscellaneous expense 22,800
126,100 126,100
