prepare a classified balance sheet for the year ended December 31, 2021

Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Debits $ 48,500 32,700 117,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 16,000 37,000 107,000 39,000 $199,000 $199,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $69,400. 2. February 25 Provide services to customers for cash, $78,800. 3. March 19 Collect on accounts receivable, $46,400. 4. April 30 Issue shares of common stock in exchange for $37,000 cash. 5. June 16 Purchase supplies on account, $13,500. 6. July 7 Pay on accounts payable, $12,000. 7. September 30 Pay salaries for employee work in the current year, $71,200. 8. November 22 Pay advertising for the current year, $23,200. 9. December 30 Pay $3,600 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,200 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,200 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,000. 8-a. Prepare an income statement for the year ended December 31, 2021. Answer is complete and correct. JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 148,200 $ Expenses: Salaries Expense Supplies Expense Advertising Expense Interest Expense 73,400 10,500 23,200 3,200 Total expenses Net income 110,300 37,900 $ Required information 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. Answer is not complete. JACKRABBIT RENTALS Balance Sheet December 31, 2021 Assets Liabilities Total Current Assets 0 Total Current Liabilities 0 Total liabilities 0 Stockholders' Equity 0 Total Stockholder's Equity Total Liabilities and Stockholders' Equity Total Assets 2 0 $ 0