Use the Following Accounts and Information to Prepare,in Good Form,an

Essay

Use the following accounts and information to prepare,in good form,an income statement,statement of retained earnings,and balance sheet for Cray Enterprises for the year ended December 31,2010.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 4,800 & \text { Land } & \$ 39,000 \\\text { Accounts Receivable } & 600 & \text { Notes Payable } & 6,000 \\\text { Buildings } & 52,000 & \text { Rent Expense } & 3,600 \\\text { Cash } & 26,200 & \text { Retained Earnings, } & 84,400 \\& & \text { December 31, 2009 } \\\text { Commissions Earned } & 19,000 & \text { Salaries Expense } & 8,400 \\\text { Common Stock } & 20,000 & \text { Supplies } & 400 \\\text { Dividends } & 3,000 & & \\\text { Insurance Expense } & 1,000 & &\end{array}$