Use the Following Accounts and Information to Prepare, in Good

question 153

Essay

Use the following accounts and information to prepare, in good form, an income statement, statement of owner's equity, and balance sheet for Cray Enterprises for the year ended December 31, 2010.
$\begin{array}{lrlr}\text { Accounts Payable } & \$, 800 & \text { Land } & \$ 39,000 \\\text { Accounts Receivable } & 600 & \text { Notes Payable } & 6,000 \\\text { Buildings } & 52,000 & \text { Rent Expense } & 3,600 \\\text { Cash } & 26,200 & \text { Salaries Expense } & 8,400 \\\text { Commissions Earned } & 19,000 & \text { Supplies } & 400 \\\text { Don Cray, Capital, Dec. 31, } & 104,400 & & \\2009 & & & \\\text { Don Cray, Withdrawals } & 3,000 & & \\\text { Insurance Expense } & 1,000 & &\end{array}$

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Definitions:

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