The amounts of the assets and liabilities of Tom’s Painting Service Inc.

The amounts of the assets and liabilities of Tom’s Painting Service Inc. at December 31 of the current year, and the revenues and expenses for the year are as follows:Cash.$10,050Accounts receivable8,950Supplies .4,000Accounts payable4,450Sales27,450Supplies expense5,450Advertising expense4,825Truck rental expense1,525Utilities expense700Miscellaneous expense1,400At the beginning of the current year, Tom’s Painting Service Inc. had capital stock of $1,500 and retained earnings of $2,500. During the year, additional capital stock of $2,000 was issued and dividends of $1,000 were paid.

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