Required information The following information applies to the questions displayed below Pastina Company sells various types of pasta to grocery chains as private label brands The company's reporting year end is December 31 The unadjusted trial balance as of December 31, 2021, appears below Account TitleDebitsCreditsCash33,200Accounts receivable41,400Supplies2,200Inventory61,400Notes receivable21,400Interest receivable0Prepaid rent1,600Prepaid insurance7,400Office equipment85,600Accumulated depreciation32,100Accounts payable32,400Salaries payable0Notes payable51,400Interest payable0Deferred sales revenue2,700Common stock69,800Retained earnings32,000Dividends5,400Sales revenue153,000Interest revenue0Cost of goods sold77,000Salaries expense19,600Rent expense11,700Depreciation expense0Interest expense0Supplies expense1,800Insurance expense0Advertising expense3,700Totals373,400373,400 Information necessary to prepare the year end adjusting entries appears below Depreciation on the office equipment for the year is $10,700 Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month Salaries earned from December 16 through December 31, 2021, were $1,100 On October 1, 2021, Pastina borrowed $51,400 from a local bank and signed a note The note requires interest to be paid annually on September 30 at 12 The principal is due in 10 years On March 1, 2021, the company lent a supplier $21,400 and a note was signed requiring principal and interest at 8 to be paid on February 28, 2022 On April 1, 2021, the company paid an insurance company $7,400 for a one year fire insurance policy The entire $7,400 was debited to prepaid insurance $680 of supplies remained on hand at December 31, 2021 A customer paid Pastina $2,700 in December for 1,100 pounds of spaghetti to be delivered in January 2022 Pastina credited deferred sales revenue On December 1, 2021, $1,600 rent was paid to the owner of the building The payment represented rent for December 2021 and January 2022 at $800 per month The entire amount was debited to prepaid rent rev 09 14 2019 QC CS 180268, 10 11 2019 QC CS 184133 4 Prepare acn income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021 Assume that no common stock was issued during the year and that $5,400 in cash dividends were paid to shareholders during the year

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Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands.

Required information

[The following information applies to the questions displayed below.]

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below.

Account TitleDebitsCreditsCash33,200Accounts receivable41,400Supplies2,200Inventory61,400Notes receivable21,400Interest receivable0Prepaid rent1,600Prepaid insurance7,400Office equipment85,600Accumulated depreciation32,100Accounts payable32,400Salaries payable0Notes payable51,400Interest payable0Deferred sales revenue2,700Common stock69,800Retained earnings32,000Dividends5,400Sales revenue153,000Interest revenue0Cost of goods sold77,000Salaries expense19,600Rent expense11,700Depreciation expense0Interest expense0Supplies expense1,800Insurance expense0Advertising expense3,700Totals373,400373,400

Information necessary to prepare the year-end adjusting entries appears below.

Depreciation on the office equipment for the year is $10,700.
Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,100.
On October 1, 2021, Pastina borrowed $51,400 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
On March 1, 2021, the company lent a supplier $21,400 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022.
On April 1, 2021, the company paid an insurance company $7,400 for a one-year fire insurance policy. The entire $7,400 was debited to prepaid insurance.
$680 of supplies remained on hand at December 31, 2021.
A customer paid Pastina $2,700 in December for 1,100 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue.
On December 1, 2021, $1,600 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $800 per month. The entire amount was debited to prepaid rent.

rev: 09_14_2019_QC_CS-180268, 10_11_2019_QC_CS-184133

4.Prepare acn income statement and a statement of shareholders' equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $5,400 in cash dividends were paid to shareholders during the year.