expenses salaries

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Unformatted text preview: .......................................... Expenses Salaries and wages expense ................................. $11,300 Supplies expense.................................................... 5,400 Depreciation expense ............................................. 5,000 Rent expense........................................................... 4,000 Insurance expense.................................................. 850 Interest expense...................................................... 500 Total expenses ................................................. Net income ......................................................................... $63,500 27,050 $36,450 MASON ADVERTISING AGENCY Statement of Retained Earnings For the Year Ended December 31, 2014 Retained earnings, January 1 .............................................................. $ 3,500 Add: Net income .................................................................................. 36,450 Retained earnings, December 31 ........................................................ $39,950 MASON ADVERTISING AGENCY Balance Sheet December 31, 2014 Assets Cash ................................................................................... $11,000 Accounts receivable ......................................................... 23,500 Supplies ............................................................................. 3,000 Prepaid insurance ............................................................. 2,500 Equipment ..................
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