[datkuki]

I had a problem. Please help me. Any help would be appreciated. Thanks :)
This is my exercise:

Based on the following accounts and balances, prepare Income Statement and Statement of Retained Earnings for OLD Corporation as of 12/31/11.
Notes payable 5,000 Fees Earned 26,000
Dividends 4,000 Accounts Receivable 18,000
Supplies Expense 4,000 Miscellaneous Expense 1,000
Cash 20,000 Land 10,000
Capital stock 25,000 Supplies 9,000
Retained Earnings,1/1/11 4,000 Unearned revenue 6,000

[richErich]

Income statement basically lists revenues, in your case fees earned, and then expenses. You then total all revenue accounts, then total all expense accounts, subtract expenses from revenues to fine either the net income or net loss.

You need this info prior to doing the statement of owners equity because you need the net income or loss to insert into the SOE.

Like I said, in your account listing, the only revenue account is fees earned. The expense accounts are self explanatory since they have "expense" as the last word.