On March 1, the amount of common stock and retained earnings…
On March 1, the amount of common stock and retained earnings in Richard’s Catering Company was $100,000 and $50,000, respectively. During March, stockholders were paid $31,000 in dividends from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts payable $10,250 Accounts receivable 45,950 Cash 23,840 Fees earned 64,950 Insurance expense 1,275 Land 88,400 Miscellaneous expense 1,210 Rent expense 9,000 Salary expense 20,300 Supplies 900 Supplies expense 525 Utilities expense 2,800 Prepare (a) an income statement for March, (b) a statement of stockholders’ equity for March, and (c) a balance sheet as of March 31.