Required Information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below] The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $3,700 8,788 Credits 2,700 28,000 $4,800 2,800 3,888 8 15,000 8,780 $35,100 135,100 The following is a summary of the transactions for the year! 1. January 2. March 3. May 4. Ju 24 Provide plumbing services for cash, $12,888, and on account, $57,800. 13 Collect on accounts receivable, $45,080. 6 Issuu shares of common stock in exchange for $11,000 cash. 38 Pay salaries for the current year, $31,480. 5. September 15 Pay utilities of $3,880 from 2028 (prior year). 5. November 24 Receive cash in advance from customers, $6,888. 7. December 38 Pay $1,400 cash dividends to stockholders. The following Information is available for the adjusting entries. Depreciation for the year on the machinery is $4,800. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $6,800 paid in advance by customers, $5,400 of the work has been completed by the end of the year Accrued utilities at year-end amounted to $7,500. Problem 3-8B Part 8 a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Inoame Batement For the Year Ended December 31, 2021 Expenses Total expenses b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by s minus sign) Assets Current Assets: Total current assets Long-term Assets Total Ass PIPER & PLUMBING Balance Sheet December 31, 2021 Liabilities Current Liabilities: 0 Total Current Liabilities Stockholder's Equity Total Stockholder's Equity Total Liabilities and Stockholders Equity $