Cray Enterprises

Use the following accounts and information to prepare, in good form, an income statement, statement of
owner’s equity, and balance sheet for Cray Enterprises for the year ended December 31, 2010.
Accounts Payable $ 4,800 Land $39,000
Accounts Receivable 600 Notes Payable 6,000
Buildings 52,000 Rent Expense 3,600
Cash 26,200 Salaries Expense 8,400
Commissions Earned 19,000 Supplies 400
Don Cray, Capital, Dec.
31, 2009
104,400
Don Cray, Withdrawals 3,000
Insurance Expense 1,000