Marsh Corporation began operations on January 1, 2014.

Do It Review 1-3 Marsh Corporation 

Do It! Review 1-3

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable        $ 8,230                        Notes payable              $ 13,460

Accounts receivable    5,230               Rent expense               13,230

Advertising expense    4,260               Retained earnings        ?

Cash                            6,330               Service revenue           31,460

Common stock                        18,230             Supplies                       5,130

Dividends                    5,730               Supplies expense         1,440

Equipment                   30,030

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Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

TUTORIAL PREVIEW 

MARSH CORPORATION

Income Statement

For the Year Ended December 31, 2014

Revenues

            Service revenue                                                                                                           $31,460

Expenses

            Rent expense                                                                           $13,230

            Advertising expense                                                                    4,260

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