Cullumber Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 8,900 101 Cash 112 - Accounts Receivable 10,600 130 Prepaid Insurance 2,700 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,500 201 Accounts Payable 9,100 212 Salaries and Wages Payable 2.400 301 Owner's Capital 20,000 306 Owner's Drawings 10,800 400 Service Revenue 59,600 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,300 722 Insurance Expense 2,000 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,400 Totals 38,100 59,600 57.500 36,000 Net Income 21,500 21,500 59,600 59,600 57,500 57,500 Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2022 Revenues Service Revenue Expenses Maintenance and Repairs Expense 1000 i Depreciation Experise 3300 i Insurance Expense 2000 Salaries and Wages Expense 29800 Utilities Expense 1400 Total Expenses Net Income/(Loss) Touthank and handl 59600 38100 21500 Prepare an owner's equity statement. (List items that increase owner's equity first.) CULLUMBER COMPANY Owner's Equity Statement For the Year Ended December 31, 2022 Owner's Capital, January 1 Add Net Income/(Loss) Less Drawings Owner's Capital, December 31 eTextbook and Media List of Accounts 20000 21500 41500 10800 30700 Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Property, Plant and Equipment Equipment Less Accumulated Depreciation-Equipment Total Assets Current Liabilities Accounts Payable Salaries and Wages Payable Total Current Liabilities Owner's Equity Owner's Capital Total Liabilities and Owner's Equity Assets Liabilities and Owner's Equity 8900 10600 2700 24500 4500 i 9100 2400 ivable nice lets nd Equipment imulated Depreciation-Equipment ble ages Payable bilities nd Owner's Equity : Assets Liabilities and Owner's Equity 8900 10600 2700 22200 24500 4500 20000 9300 2400 42200 11500 30700 42200 Date Account Titles and Explanation Dec. 31 Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. (To close net income/(loss)) 31 (To close drawings) I Debit Credit