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Below are accounts taken from the financial statements of Sherry Company at December 31, 2022. Retained earnings (beginning of year) $28,800 Utilities expense 3,000 Equipment
Below are accounts taken from the financial statements of Sherry Company at December 31, 2022. Retained earnings (beginning of year) $28,800 Utilities expense 3,000 Equipment 55,600 Accounts payable 5,700 Cash 17,200 Salaries and wages payable 3,900 Common stock 18,000 Dividends 13,900 Service revenue 79,000 Prepaid insurance 4,100 Maintenance and Repairs expense 1,800 Depreciation expense 3,600 Notes Payable (due in 2025) 10,000 Accounts receivable 15,500 Insurance expense 2,300 Salaries and wages expense 45,900 Accumulated depreciation-equipment 17,500 1) Prepare an Income Statement for the year ended December 31, 2022. (15 points) 2) Prepare a Retained Earnings Statement for the year ended December 31, 2022. (10 points) 3) Prepare a Classified Balance Sheet as of December 31, 2022. (25 points)
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