Required Information E4-2 (Algo) Identifying Adjustments and Preparing Financial Statements from a Trial Balance [LO 4-1, LO 4-4] [The following information applies to the questions displayed below.] Speedy Ship reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial statements. Speedy Ship Adjusted Trial Balance At May 31, 2019 (millions of dollars) Debit Accounts Payable. Accounts Receivable Accumulated Depreciation Cash Common Stock Depreciation Expense Dividends Equipment Credit $ 4,700 $ 6,800 21,400 6,700 4,500 4,200 350 41,700 Goodwill 5,600 Income Tax Expense Income Tax Payable Interest Expense Interest Receivable 1,800 1,800 280 190 Interest Revenue 200 Notes Payable (long-term) 9,500 Notes Payable (short-term) 1,200 Office Expenses 7,720 Prepaid Rent 1,750 Rent Expense 4,300 Repairs and Maintenance. Expense 3,700 Retained Earnings 16,020 Salaries and Wages Expense 18,400 Salaries and Wages Payable Service Revenue Supplies Transportation Expense 3,500 55,000 630 13,700 $117,820 $ 117,820 E4-2 (Algo) Part 3 Required: 3-a. Prepare an income statement for the year ended May 31, 2019. 3-b. Prepare a statement of retained earnings for the year ended May 31, 2019. 3-c. Prepare a classified balance sheet at May 31, 2019. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare a classified balance sheet at May 31, 2019. (Enter your answers in millions, not in whole dollars. Amounts to be deducted should be Indicated by a minus sign.) Speedy Ship Balance Sheet (in millions) Required information Req 3A Req 38 Req 3C Prepare an income statement for the year ended May 31, 2019. (Enter your answers in millions, not in whole dollars.) Speedy Ship Income Statement (in millions) 0 Req 38 > Required: 3-a. Prepare an income statement for the year ended May 31, 2019. 3-b. Prepare a statement of retained earnings for the year ended May 31, 2019. 3-c. Prepare a classified balance sheet at May 31, 2019. Complete this question by entering your answers in the tabs below. Req 3A Req 38 Req 3C Prepare a statement of retained earnings for the year ended May 31, 2019. (Enter your answers in millions, not in whole dollars.) Speedy Ship Statement of Retained Earnings (in millions) Beginning Balance, 6/1/2018 Ending Balance, 5/31/2019 $ < Req 3A Req 3C > Required Information Req 3A Req 38 Req 3C Prepare a classified balance sheet at May 31, 2019. (Enter your answers in millions, not in whole dollars. Amounts to be deducted should be indicated by a minus sign.) Speedy Ship Balance Sheet (in millions) $