Condensed worksheet for Price Business Enterprises as of December 31, 2022 Additional Information:

a. Prepaid Insurance is for a two-year fire insurance policy dated July 1, 2022

b. The ending inventory amounts to $76

c. The building is being depreciated over a ten-year life, straight line, no salvage value

d. The balance in unearned Repair service Revenue pertains to a contract sold on November 1, 2022 to provide service to client for one year. e. Office supplies on hand at year end amount to $14

f. At year end, there are accrued salaries of $6

g. Consulting revenue includes a contract for $60 received on October 1, 2022, for a one year period time

h. The income tax rate is 50%

Required:

Complete the worksheet, assuming that adjusting entries are made only at December 31. Prepare adjusting entries. Prepare closing entries. Prepare an income statement

Prepare a classified Balance Sheet

Prepare a statement of Retained Earnings