Prepare a retained earnings statement for December. SHERIDAN DISTRIBUTING COMPANY Retained Earnings Statement December 31, 2022 tA Adjustment data: 1. 2. Accrued salaries payable $700. Depreciation $200 per month. Supplies on hand $1,500. Income tax due and unpaid at December 31 is $100. 3. 4. On December 1, 2022, Sheridan Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,900 Accumulated Depreciation-Equipment 5,300 Accounts Payable 12,700 Salaries and Wages Payable 1,200 Common Stock 22,000 Retained Earnings $49,100 Credit $2,200 5,200 1,000 15,000 25,700 $49,100 During December, the company completed the following summary transactions. Dec. 6 8 10 13 15 18 20 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. Received $1,900 cash from customers in payment of account (no unt allowed) Sold merchandise for cash $7,000. The cost of the merchandise sold was $5,100. Purchased merchandise on account from Hecht Co. $9,400, terms 2/10, 1/30. Purchased supplies for cash $2,000. Sold merchandise on account $14,100, terms 3/10, n/30. The cost of the merchandise sold was $9,300. Paid salaries $2,700. Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 23 27