Fast Moving Company is a well reputable company providing delivery services to Canadian customers since 2000. Its owner, Jonathan Ring, hired you as a General Manager to help him compile financial reports as he would like to apply for a loan. He had an accountant Brandon Lee, who did reports and who just recently retired but worked for Jonathan since the company started operating 23 years ago. Jonathan has never had time to learn accounting and was constantly relying on his loyal employee. Because Fast Moving Company had been doing well for so long, Jonathan decided to expand his business. He was impressed with your credentials and work experience and believed that you are the best candidate for this job. Since he never prepared financial statements and his accountant just retired, he asked you to help him in his application project for a bank loan. On your first day at work, you printed a list of accounts as of December 31, 2022 (see below) and started working on the preparation of financial statements which would help you understand the companys financial position.

Office Supplies $800 Computer Equipment, net (purchased in 2022) 11,000 Common Stock (25,000 shares issued and outstanding) 30,000 Advertising Expense 2,000 Accounts Receivable 43,000 Cash 29,200 Dividends 25,000 Truck, net (purchased in July 2021) 126,000 Beginning Retained Earnings 60,000 Delivery Equipment, net (purchased in 2016) 8,000 Service Revenue 186,000 Salary Expense 64,000 Rent Expense 35,000 Note Payable (due 2026) 62,000 Interest Payable 4,000 Utility Expense 3,000 Accounts Payable 15,000 Income Tax Expense 6,000 Interest Expense 4,000