The following items were taken from the accounting records of Talecom, Incorporated. The income statement and balance sheet at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009:
Accounts Payable $ 52,000
Accounts Receivable $ 7,000
Advertising Expense 11,000
Common Stock 15,000
Rent Expense 20,000
Insurance Expense 5,000
Notes Payable (long‐term) 62,000
Retained Earnings (beg) 52,300
Salaries Expense 22,000
Service Revenue 121,000
Accumulated Depreciation 20,000
Supplies Expense 1,000
Salaries Payable 1,500
Additional Paid In Capital 100,000
Income tax rate 40%
Prepare an income statement, statement of retained earnings, and balance sheet. Also calculate and interpret Liquidity ratios; solvency ratios.
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