Problem 2-2 These items are taken from the financial statements of Nash's Trading Post, LLC for 2017. Retained earnings (beginning of year) $32,000 Utilities expense 2,100 Equipment 67,000 Accounts payable 19,300 Cash 11,100 Salaries and wages payable 4,000 Common stock 12,000 Dividends 12,000 Service revenue 69,000 Prepaid insurance 4,500 Maintenance and repairs expense 1,700 Depreciation expense 3,500 Accounts receivable 12,700 Insurance expense 2,300 Salaries and wages expense 38,000 Accumulated depreciation-equipment 18,600 Prepare a retained earnings statement for the year ended December 31, 2017. Nash's Trading Post, LLC Retained Earnings Statement For the Year Ended December 31, 2017 Retained Earnings, January 1, 2017 32,000 Add Net Income / (Loss) 21,400 10,600 Less# Dividends 12,000 9,400 Retained Earnings, December 31, 2017 Prepare a classified balance sheet as of December 31, 2017. (List current assets in order of liquidity.) Nash's Trading Post, LLC Balance Sheet December 31, 2017 Assets Current Assets Prepaid Insurance 4,500 Cash 11,100 Accounts Receivable 12,700 Total Current Assets 90,800 $ Current Liabilities Equipment 67,000 Accumulated Depreciation-Buildings Less Wiley & Sons, Inc. Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 19,300 Salaries and Wages Payable 4,000 Total Current Liabilities 23,300 Stockholders' Equity Common Stock 12,000 Stock Investments 3,000 Stockholders' Equity 15,000 69,000 Total Liabilities and Stockholders' Equity