The following accounts are taken from Buck Up!, Inc., a company that specializes in horse-breaking services and rodeo lessons, as of December 31, 2010. BUCK UP!, INC. Unadjusted Trial Balance At December 31, 2010 Account Name Debits Credits Cash $ 59,750 Accounts Receivable 3,300 Prepaid Insurance 1,200 Equipment 64,600 Land 23,000 Accounts Payable $ 29,230 Unearned Revenues 1,500 Long-term Notes Payable 74,000 Contributed Capital 5,000 Retained Earnings 14,500 Dividends 3,500 Horse-breaking Revenue 25,200 Rodeo Lesson Revenue 10,500 Wages Expense 3,900 Maintenance Expense 410 Other Expenses 270 Totals $ 159,930 $ 159,930 Requirement 1: Using the unadjusted trial balance provided, create an income statement for Buck Up!, Inc., for the year ended December 31, 2010. (Omit the "$" sign in your response.) BUCK UP!, INC. Income Statement For the Year Ended December 31, 2010 Revenues: Horse-breaking revenue $ Rodeo lesson revenue Total Revenues Expenses: Wages expense Maintenance expense Other expenses Total Expenses Net income $ Requirement 2: Using the unadjusted trial balance provided, create a statement of retained earnings, for Buck Up!, Inc., for the year ended December 31, 2010. (Input all amounts as positive values. Omit the "$" sign in your response.) BUCK UP!, INC. Statement of Retained Earnings For the Year Ended December 31, 2010 Retained Earnings, Jan. 1, 2010 $ Add: Net income Less: Dividends Retained Earnings, Dec. 31, 2010 $ Requirement 3: Using the unadjusted trial balance provided, create a classified balance sheet, for Buck Up!, Inc., for the year ended December 31, 2010. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) BUCK UP!, INC. Balance Sheet At December 31, 2010 Assets Current Assets Cash $ Accounts receivable Prepaid insurance Total Current Assets Equipment Land Total Assets $ Liabilities Current Liabilities Accounts payable $ Unearned revenues Total Current Liabilities Long-term notes payable Total Liabilities Stockholders' Equity Contributed capital Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $

The following accounts are taken from Buck Up!, Inc., a company that specializes in horse-breaking services and rodeo lessons, as of December 31, 2010.  

BUCK UP!, INC. Unadjusted Trial Balance At December 31, 2010
Account Name	Debits		Credits
Cash	$	59,750
Accounts Receivable		3,300
Prepaid Insurance		1,200
Equipment		64,600
Land		23,000
Accounts Payable			$	29,230
Unearned Revenues				1,500
Long-term Notes Payable				74,000
Contributed Capital				5,000
Retained Earnings				14,500
Dividends		3,500
Horse-breaking Revenue				25,200
Rodeo Lesson Revenue				10,500
Wages Expense		3,900
Maintenance Expense		410
Other Expenses		270
Totals	$	159,930	$	159,930

 

Requirement 1:

Using the unadjusted trial balance provided, create an income statement for Buck Up!, Inc., for the year ended December 31, 2010. (Omit the "$" sign in your response.)

BUCK UP!, INC. Income Statement For the Year Ended December 31, 2010
Revenues:
Horse-breaking revenue	$
Rodeo lesson revenue
Total Revenues
Expenses:
Wages expense
Maintenance expense
Other expenses
Total Expenses
Net income	$

 

Requirement 2:

Using the unadjusted trial balance provided, create a statement of retained earnings, for Buck Up!, Inc., for the year ended December 31, 2010. (Input all amounts as positive values. Omit the "$" sign in your response.)

BUCK UP!, INC. Statement of Retained Earnings For the Year Ended December 31, 2010
Retained Earnings, Jan. 1, 2010	$
Add: Net income
Less: Dividends
Retained Earnings, Dec. 31, 2010	$

 

Requirement 3:

Using the unadjusted trial balance provided, create a classified balance sheet, for Buck Up!, Inc., for the year ended December 31, 2010. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)

BUCK UP!, INC. Balance Sheet At December 31, 2010
Assets
Current Assets
Cash	$
Accounts receivable
Prepaid insurance
Total Current Assets
Equipment
Land
Total Assets	$
Liabilities
Current Liabilities
Accounts payable	$
Unearned revenues
Total Current Liabilities
Long-term notes payable
Total Liabilities
Stockholders' Equity
Contributed capital
Retained earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity	$