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Looks like this with different number---> These items are taken from the financial statements of Sheridan Company for 2022. $35,340 2,140 64,500 15,640 14,290 7,920
Looks like this with different number--->
These items are taken from the financial statements of Sheridan Company for 2022. $35,340 2,140 64,500 15,640 14,290 7,920 22,300 12,000 Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable 3,000 6,200 2,400 70,700 8,420 1,660 3,120 13,630 2,680 Insurance expense Salaries and wages expense Accumulated depreciation-equipment 39,650 21,790 Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) SUNLAND COMPANY Retained Earnings Statement $ $ List of Accounts Prepare a classified balance sheet as of December 31, 2022. (List Current assets in order of liquidity.) SUNLAND COMPANY Balance Sheet Assets 1 $ $ > $ $ Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity $ 4 $ $ List of Accounts Amount 80,500 $ 80,500 Sunland Company Income statement December 31, 2022 Particulars Revenue Service revenue $ Total Revenue Expenses Depreciation expense $ Utilities expense $ Maintenance and Repairs expense $ Insurance expense $ Salaries & wages expense $ Total expenses Net income $ 15,700 $ 14,000 $ 3,500 $ 33,200 3,600 2,900 1,700 3,000 45,400 $ 54,900 $ (17,800) Sunland Company Balance sheet December 31, 2022 Assets Current Assets Cash Accounts receivable Prepaid insurance Total current asset Fixed Assets Equipments Accumulated depreciation Equipment Total fixed asset Total Asset Liabilities Current liabilities Accounts payable Salaries and wages payable Total current liabilities Stock holders equity Common stock Retained earnings Total Stock holders equity Total liabilities and equity $ 37,100 $ 70,300 $ $ 56, 600 23,900 $ 15,400 $ 3,300 $ 18,700 Sunland Company Statement of Retained Earnings December 31, 2022 Opening retained earnings Add-Profit during the Less-Dividend paid Closing retained earnings $ 26,800 23,900 (13,100) 37,600 $ 14,000 $ 37,600 $ $ $ 51,600 $ 70,300Step by Step Solution
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