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Timmanman Elnatronian han tha follawinn halonang 3. Zimmerman Electronics has the following balances in the company ledgers for the year ending 2011: ii) Zimmerman Electronics Statement of Retained Earnings December 31, 2011 iii) Zimmerman Electronics Balance Sheet December 31, 2011 Using the above information prepare the following: - An income statement - Statement of retained earnings - Classified balance sheet Solution: (20 min) 4. Harden Corporation had the following transactions during 2011: a. Purchased inventory costing $325,000 on account. b. Sold inventory to customers for $725,000; of these sales, $125,000 were cash sales. c. Borrowed $90,000 from the bank on July 1 at 6% interest payable annually at year-end. d. Paid employees $110,000 in cash. e. Purchased equipment costing $225,000 in cash. f. Collected $520,000 from customers on account. g. Purchased $55,000 of another company's shares as an investment. h. Issued 50,000 common shares for $3.75 per share. i. Paid suppliers $340,000. Explanation Here, we have placed the Sales and Interest Income under the head Income. All the expenses are shown under the head expenses. The difference of Income and Expenses i.e. Net Profit will go to the statement of Retained Earnings. Step 2/3 Now, we prepare the Statement of Retained Earnings: Explanation The Reatined Earning Balance given the question is an opening balance of Retained Earning which is $40,000 as on 01.01.2022. Now, the Closing Balance of Retained Earnings statement will go to balance sheet. Step 3/3 Finally, we will prepare the Balance Sheet after the preparation of Income Statement and Statement of Retained Earnings