PROBLEM 2: CLASSIFIED BALANCE SHEET The following includes selected items taken from the financial statements of Schulman Company for the year ending December 31, 2017: Accounts payable.. Accounts receivable S 18,000 11,000 28,000 15,000 80,000 22,000 14,000 12,000 Accumulated depreciation-equipment Cash. Retained Earmings (1/1/2017. Common Stock. Dividends Depreciation expense... Insurance expense... Long-term note payable, due 6/30/2018.... 3,000 70,000 Prepaid insurance (12-month policy Salaries expense. Service revenue.. Unearned revenue 70,000 133,000 50,000 Supplies Supplies expense. Equipment.. 4,000 210,000 Answer the following questions. Show your work. 1. What is the company's Retained Earnings for the year ending December 31, 2017? 2. What are total current assets at December 31, 2017? 3. What are total current liabilities at December 31, 2017? PROBLEM 3: ADJUSTING ENTRIES The information necessary for preparing the 2018 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December 31. Show all work to explain the numbers A. Winter Storage's employees worked from December 16 through December 31, 2018, and salaries totaled $3,400. Salaries will be paid on January 15, 2019. Record the necessary adjusting entry at December 31, 2018 for Winter Storage to record the cost of salaries. B. On March 1, 2018, Winter lends an employce $12,000 and a note is signed requiring principal and interest at 6% to be paid on February 28, 2019 to winter. Record the necessary adjusting entry at December 31, 2018. C. On December 1,2018, $4,000 is paid by Winter Storage to a local newspaper for advertising The payment represents advertising for December 2018 through March 2019, at $1,000 per month. Prepaid advertising is debited at the time of the payment. Record the necessary adjusting entry at December 31, 2018