2. Zimmerman Electronics has the following balances in the company ledgers for the

year ending 2022:

Mortgage

$80,000

Interest Charges

$10,000

Prepaid Insurance

$2,000

Land

$25,000

Short-term invest.

$5,000

Office salaries

$70,000

Common Shares

$15,000

Sales Salaries

$100,000

Cash

$5,000

Supplies

$20,000

Advertising

$50,000

Insurance

$10,000

Accounts Receivable

$15,000

Amortization

$20,000

Sales

$600,000

Income Tax

$10,000

Accounts Payable

$12,000

Dividend Payments

$10,000

Buildings

$100,000

Interest Income

$15,000

Cost of Sales

$300,000

Inventory

$20,000

Note Payable

$10,000

Retained Earnings

$40,000

Required: prepare the:

An income statement

Statement of retained earnings

Classified balance sheet