MORETTI MOVING CORP.

Statement of Earnings Statement of Financial Position

For the Period Ended December $31,2023$ At December $31,2023$

Transportation revenue $$85,000$ Assets

Expenses: Cash $$2,000$

Salaries expense $17,000$ Receivables $3,000$

Maintenance expense $12,000$ Inventory of maintenance supplies $6,000$

Other expenses $18,000$ Equipment $40,000$

Total expenses $$47,000$ Prepaid insurance $4,000$

Net earnings $$38,000$ Other assets $27,000$

Total assets $$82,000$

Liabilities

Accounts payable $$9,000$

Shareholders' Equity

Contributed capital $(10,000$ shares outstanding$)35,000$

Retained earnings $38,000$

Total liabilities and shareholders' equity $$82,000$

Additional information:

Number of shares $10,000$

Maintenance supplies on hand, December $31,2023$ $$2,000$

Prepaid insurance at December $31,2023$ $$1,800$

$($Total insurance premium paid in $2023$ was debited to Prepaid Insurance$)$

Cost of equipment purchased on January $1,2023$ $$40,000$

Unrecorded depreciation expense for $2023$ $$4,000$

Unpaid $($and unrecorded$)$ salaries at December $31,2023$ $$1,200$

Deferred transportation revenue at December $31,2023($Erroneously credited to transportation revenue$)$ $$5,000$

Income tax rate $30\%$

Accounts

Cash

Receivables

Inventory of maintenance supplies

Equipment

Accumulated depreciation

Prepaid insurance

Other assets

Accounts payable

Salaries payable

Deferred transportation revenue

Income tax payable

Contributed capital

Retained earnings

Transportation revenue

Salaries expense

Maintenance expense

Depreciation expense

Other expenses

Income tax expense

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