Account receivable 13,400
Accounts payable 8,400
Cash 12,424
Equipment 59,360
Maintenance and repairs expense 1,958
Insurance expense 900
Notes payable 28,450
Prepaid insurance 2,200
Service revenue 15,500
Dividends 700
Common stock 40,000
Salaries and wages expense 7,428
Salaries and wages payable 820
Retained earnings 5,200

Prepare a classified balance sheet and retained earnings statement

Revenues - Expenses = Net Income

Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings

Assets = Liabilities + Owners Equity

Owners equity = Common Stock + Ending Retained Earnings