Required information Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $12,000 6,400 2,400 18,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 6, 200 8,700 17,000 6,900 $38,800 $38,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $44,000, of which $19,400 is on account. 2. May 2 Collect on accounts receivable, $16,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $8,700 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,400. 6. October 19 Purchase equipment for $6,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. Problem 3-8A Part 2 art 5 of 8 8-a. Prepare the income statement for the year ended December 31, 2021. RED STORM CLEANERS Income Statement Ants For the Year Ended December 31, 2021 Service Revenue eBook Print References Expenses: Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense 11,400 3,400 Total expenses 14,800 Required information 8-B. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) of 8 RED STORM CLEANERS Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: OK nces Stockholders' Equity 0 Total Current Assets Long-term assets: 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total Assets $ $ 0