acounting prepare 460825

College Painters had the following account balances at 12/31/08.

Full service revenue

100,000

Prepaid Rent

1,000

Retained earnings, January 1, 2008

15,000

Painting supplies expense

18,000

Note payable, due June 2009

5,000

Cash

12,000

Salaries payable

2,500

Note payable, due January 1, 2010

8,500

Equipment

40,000

Employee advances receivable

2,000

Advertising expense

3,500

Salaries expense

40,000

Accounts payable

4,000

Accumulated depn – equipment

5,000

Painting prep revenue

15,000

Rent and utilities expense

15,000

Office supplies expense

1,000

Common Stock

2,500

Accounts receivable

25,000

Prepare, in good form, a classified balance sheet as of 12/31/08 and an income statement and a statement of

retained earnings for the year then ended.