Current Attempt in Progress Sheffield Corp, a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information Accounts payable Interest expense Equipment (net) Salaries and wages expense Bonds payable Unearned service revenue Accounts receivable Cash $ 3.630 448 53,020 2.750 23.650 4,467 1.430 4,345 Supplies Supplies expense Depreciation expense Service revenue Salaries and wages payable Common stock Interest payable $2.703 424 291 23.006 491 10.010 157 (1) Using the information, prepare an income statement for the month of October 2022 Sheffield Corp Income Statement Using the information, prepare an income statement for the month of October 2022. Sheffield Corp. Income Statement View Policies Current Attempt in Progress Windsor Company, a computer services company, entered into these transactions during May 2022, its first month of operations. 1. 2. 3 4. 5. Stockholders invested $52,000 in the business in exchange for common stock of the company. Purchased computers for office use (recorded as Equipment) for $39.000 from Ladd Co. on account. Paid $5,200 cash for May rent on storage space. Performed computer services worth $24.700 on account. Performed computer services for Wharton Construction Company for $6,500 cash Paid Western States Power Co $10,400 cash for energy usage in May. Paid Ladd Co. for the computers purchased in (2) Incurred advertising expense for May of $1.690 on account Received $15,600 cash from customers for contracts billed in (4), 6. 7. 8 9. Using the following tabular analysis show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the right hand column. If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Accounts Receivable Equipment Accounts Payab (1) $ $ (2) negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Accounts Receivable Equipment Accounts Payab $ $ $ $ (2) (3) (5) (6) (7) (8) 191 S Attempts: 0 of 1 used Submit Answer Current Attempt in Progress If a company issues common stock for $39500 and uses $29100 of the cash to purchase a truck. O equity will be reduced by $39500. assets will be increased by $10400. O assets will be increased by $39500. assets will be unchanged