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Presented below are the trial balance and the other information related to Cisco Construction Limited Cisco Construction Lmited Cash Acounts Receivable Allowance for Doubtful

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Presented below are the trial balance and the other information related to Cisco Construction Limited Cisco Construction Lmited Cash Acounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Notes Payable Common Stock Trial Balance December 31, 2021 Debit Credit SS 29,500 49,600 S 750 SSS 1,960 1,100 25,000 Retained Earnings Service Revenue SSSSS 6,250 7,200 S 10,000 25,010 100,000 Rent Expense Salaries and Wages Expense SS 9,750 $ 30,500 Utilities Expenses S 1,080 Office Expense S 720 $ 149,210 $ 149,210 1. Fees received in advance from clients and included in Service Revenue initially, $6,000. 2. Services performed for clients that were not recorded by December 31, $4,900. 3. Bad debt expense for the year is $1,430. 4. Insurance expired during the year $480. 5. Equipment is being depreciated at 10% per year. 6. Cisco gave the bank a 90-day, 10% note for $7,200 on December 1, 2021. 7. Rent of the building is $750 per month. The rent for 2021 has been paid, as has that for January and February 2022. The total rental payment was initially recorded in Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2021, $2,510. Instructions Prepare an income statement for 2021, a retained earnings statement, and a classified balance sheet. The Cisco paid $17,000 cash dividend during the year (Recorded in Retained Earnings). (40 Points)

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