12 t5 of B Required information The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances: Accounts Debits Credits Cash $11,000 Accounts Receivable 6,200 Supplies 2,200 Equipment 19,000 Accumulated Depreciation $ 6,600 Salaries Payable 9,100 Common Stock 16,000 Retained Earnings 6,700 Totals $38, 400 $38,400 eBook eferences The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $42,000, of which $19,200 is on account. 2. May 2 Collect on accounts receivable, $16,200. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $9,100 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,200. 6. October 19 Purchase equipment for $6,200 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2021. B RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 42,000 Expenses: Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense 9,100 11,200 3,200 1,000 es Total expenses Net Income 24,500 17,500 $ 8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) RED STORM CLEANERS Balance Sheet December 31, 2021 OOK Assets Liabilities Current Assets Current Liabilities: Fences Stockholders' Equity 0 Total Current Assets Long-term assets 0 Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ 0 12 t5 of B Required information The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances: Accounts Debits Credits Cash $11,000 Accounts Receivable 6,200 Supplies 2,200 Equipment 19,000 Accumulated Depreciation $ 6,600 Salaries Payable 9,100 Common Stock 16,000 Retained Earnings 6,700 Totals $38, 400 $38,400 eBook eferences The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $42,000, of which $19,200 is on account. 2. May 2 Collect on accounts receivable, $16,200. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $9,100 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,200. 6. October 19 Purchase equipment for $6,200 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2021. B RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 42,000 Expenses: Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense 9,100 11,200 3,200 1,000 es Total expenses Net Income 24,500 17,500 $ 8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) RED STORM CLEANERS Balance Sheet December 31, 2021 OOK Assets Liabilities Current Assets Current Liabilities: Fences Stockholders' Equity 0 Total Current Assets Long-term assets 0 Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ 0