Need help with all 3 requirements! (Income statement, statement of se, and balance sheet)
Required information (The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 36,700 43,800 3,400 63,800 23,800 2,900 9,800 95, 200 35,700 34,800 0 53,800 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 3,900 86,600 38,000 7,800 165,000 0 89,000 20,800 12,900 0 0 3,000 4,900 417,800 417,800 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11.900. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,750. 3. On October 1, 2021, Pastina borrowed $53,800 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $23,800 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $9,800 for a one-year fire insurance policy. The entire $9,800 was debited to prepaid insurance. 6. $1,040 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3,900 in December for 1,700 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,450 per month. The entire amount was debited to prepaid rent. 4. Prepare an income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $7,800 in cash dividends were paid to shareholders during the year. Complete this question by entering your answers in the tabs below. Income Statement Statement of SE Balance Sheet Prepare the income statement for the year ended December 31, 2021. Other expenses should be indicated with a minus sign.) PASTINA COMPANY Income Statement For the Year Ended December 31, 2021 0 paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $23,800 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $9,800 for a one-year fire insurance policy. The entire $9,800 was debited to prepaid insurance. 6. $1,040 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3,900 in December for 1,700 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,450 per month. The entire amount was debited to prepaid rent. Prepare an income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified lance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $7,800 in cash dividends ere paid to shareholders during the year. Complete this question by entering your answers in the tabs below. Income nent Statement of Balance Sheet Prepare the statement of shareholders' equity for the year ended December 31, 2021. PASTINA COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Shareholders' Equity alance at January 1, 2021 alance at December 31, 2021 paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $23,800 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $9,800 for a one-year fire insurance policy. The entire $9,800 was debited to prepaid insurance. 6. $1,040 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3,900 in December for 1,700 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue 8. On December 1, 2021, $2,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,450 per month. The entire amount was debited to prepaid rent. 4. Prepare an income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $7,800 in cash dividends were paid to shareholders during the year. Complete this question by entering your answers in the tabs below. Income Statement Statement of SE Balance Sheet Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) PASTINA COMPANY Balance Sheet At December 31, 2021 Assets Credits S S IS PASTINA COMPANY Adjusted Trial Balance December 31, 2021 Account Title Debits Cash 37,000 Accounts receivable 44,000 Supplies 1,070 Inventory 64,000 Notes receivable 24,000 Interest receivable 1.600 Prepaid rent 1,500 Prepaid insurance 2,500 Office equipment 96,000 Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends 8.000 Sales revenue Interest revenue Cost of goods sold 90,000 Salaries expense 22,700 Rent expense 14,500 Depreciation expense 12 000 Interest expense 1,620 Supplies expense 5,530 Insurance expense 7,500 Advertising expense 5,000 Totals $ 438,520 48,000 35,000 1,800 54,000 1,620 4,000 88,000 38,500 166.000 1,600 S 438,520