Check my work 9 Problem 2-4 (Algo) Accounting cycle; adjusting entries through post-closing trial balance [LO2-4, 2-6, 2-7, 2-8] [The following information applies to the questions displayed below.) 25 points Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year- end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. eBook Print References Account Title Cash Accounts receivable Supplies Inventory Nates receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cast of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Debits Credits 31,700 40,400 1,700 60,400 20,400 0 1,100 6,400 B1, 600 30, 600 31,400 0 50, 400 0 2,200 62,800 29,500 4,400 148,000 0 72,000 19, 100 11, 200 0 0 1,300 0 3,200 Check my work 9 Tatals 354,900 354,900 25 points eBook Print Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $10,200. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $850. 3. On October 1, 2021, Pastina borrowed $50,400 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $20,400 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $6,400 for a one-year fire insurance policy. The entire $6,400 was debited to prepaid insurance. 6. $530 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $2,200 in December for 850 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $1,100 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $550 per month. The entire amount was debited to prepaid rent References Problem 2-4 (Algo) Part 4 4. Prepare an income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $4,400 in cash dividends were paid to shareholders during the year. 9 Required information 25 4. Prepare an income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $4,400 in cash dividends were paid to shareholders during the year. points eBook Complete this question by entering your answers in the tabs below. Print References Income Statement Statement of SE Balance Sheet Prepare the income statement for the year ended December 31, 2021. (Other expenses should be indicated with a minus sign.) PASTINA COMPANY Income Statement For the Year Ended December 31, 2021 9 Required information 25 points PASTINA COMPANY Income Statement For the Year Ended December 31, 2021 eBook Print References Income Statement Statement of SE verwuISUU JUUNICULTYMISLU VILIVY, VIII 9 Required information Complete this question by entering your answers in the tabs below. 25 points Income Statement Statement of SE Balance Sheet eBook Prepare the statement of shareholders' equity for the year ended December 31, 2021. Print References PASTINA COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2021 Common Retained Stock Earnings Total Shareholders' Equity Balance at January 1, 2021 Balance at December 31, 2021 Check my work 9 Required information Income Statement Statement of Balance Sheet SE 25 paints Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) eBook Print PASTINA COMPANY Balance Sheet At December 31, 2021 Assets References Check my work 9 Required information 25 paints Llabilities and Shareholders' Equity eBook Print References