Part C

Cullumber Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Cr. Dr. Dr. Cr. Account Titles 8,900 101 Cash 112 10,600 Accounts Receivable 2,700 130 Prepaid Insurance 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,500 201 Accounts Payable 9.100 212 2.400 301 20,000 306 10,800 400 59,600 622 Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 1,600 711 3,300 722 2.000 726 29,800 732 1,400 Totals 38,100 59,600 57,500 36,000 Net Income 21,500 21.500 59,600 59,600 57,500 57,500 Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number 4.8.-45 on parentheses e 3. (45).) CULLUMBER COMPANY Income Statement For the Year Ended December 31, 20223 Revenues service Rrevenue 59000 Expenses Maintenance and Repairs Expense 100 Depreciation Expert 3000 Insurance Expense 2000 Salaries and Wages Expense 29800 1 Utilities Expense 1400 i Total Expenses : 100 Net Income /(Loss) 21500 Prepare an owner's equity statement. (List items that increase owner's equity first.) CULLUMBER COMPANY Owner's Equity Statement For the Year Ended December 31, 2022 Owner's Capital, January 1 20000 Add Net Income /(Loss) 21500 41500 Less Drawings 10800 Owner's Capital, December 31 - 30700 Date Account Titles and Explanation Debit Credit Dec Service Revenue 31 59600 Income Summary (To close revenue account) Dec 31 Income Summary 38.100 Maintenance and Repairs Expense Depreciation Expense Insurance Expense Utilities Expense Salaries and Wages Expense (To close expense accounts) Dec 31 Income Summary 21.500 Owner's Capital (To close net income / (loss)) II IN Dec 31 Owners Capital 10800 Owner's Drawings (To close drawings Owner's Capital No. 301 20000 12/31 12/31 Bal : Owner's Drawings No. 306 12/31 Bale 10000 Income Summary No. 350 D: 100 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732