Exercise 4-13 At the end of its fiscal year, the adjusted trial balance of Sheridan Company is as follows SHERIDAN COMPANY Adjusted Trial Balance July 31, 2017 Debit Credit Cash $3,540 Accounts receivable 11,490 Prepaid rent 500 Supplies 750 Debt investments 8,000 Equipment 19,950 Accumulated depreciation-equipment $5,700 Patents 18,300 Accounts payable 4,325 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2019) 45,300 B. Sheridan, capital 28,285 B. Sheridan, drawings 17,300 Service revenue 74,400 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 36,050 Supplies expense 20,850 $161,130 $161,130 Prepare an income statement for the year. Mr. Sheridan invested $5,000 cash in the business during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SHERIDAN COMPANY Income Statement B. Sheridan, Capital, August 1, 2016 Revenues B. Sheridan, Capital, July 31, 2017 Drawings Total Revenues Investments Expenses Total Expenses Profit/ (Loss) Prepare a statement of owner's equity for the year. Mr. Sheridan invested $5,000 cash in the business during the year. (List items that increase owner's equity first.) SHERIDAN COMPANY Statement of Owner's Equity $ Revenues Total Expenses Total Revenues Drawings Investments Profit/ (Loss) B. Sheridan, Capital, August 1, 2016 Expenses B. Sheridan, Capital, July 31, 2017 Prepare a classified balance sheet at July 31, 2017. (List Current Assets in order of liquidity.) SHERIDAN COMPANY Balance Sheet Assets s > 5 Liabilities and Owner's Equity Current Assets Current Labilities Intangible Assets V long-term investments Long-term Liabilities Property, plant and Equipment Owner's Equity Total Assets Total Current Assets Total Current Lates Total Intang ble Assets Total abilities Total Liabilities and Owner's Equity Total Long-term investments Total Long termes Total Property, plant and Equipment Total Owner's Couty