Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balar Accounts Debits Credits Cash $15,500 Accounts Receivable 7,100 Supplies 3,100 Equipment 10,500 Accumulated. Depreciation Salaries Payable $ 3,200 5,200 Common Stock Retained Earnings Totals 20,500 7,300 $36,200 $36,200 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $51,000, of which $20,100 is on account. 2 Collect on accounts receivable, $17,100. 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $5,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,100. 6. October 19 Purchase equipment for $7,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2021. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 51,000 gnment 1. March 2. May 3. June 4. August 12 Provide services to customers, $51,000, of which $20,100 2 Collect on accounts receivable, $17,100. 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $5,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,100. 6. October 19 Purchase equipment for $7,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2021. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue Expenses: Depreciation Expense 4,100 Repairs and Maintenance Expense 12,100 Salaries Expense Supplies Expense 1,900 Total expenses 51,000 18,100 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.) RED STORM CLEANERS Balance Sheet December 31, 2021 Assets Current Assets: Cash Liabilities Current Liabilities: $ 44,000 Salaries Payable Accounts Receivable 10,100 Supplies 1,200 Stockholders' Equity Total Current Assets Long-term assets: Equipment 55,300 Common Stock 26,500 Retained Earnings 17,600 Accumulated Depreciation Total Stockholders' Equity 26,500 Total Assets $ 72,900 Total Liabilities and Stockholders' Equity $ 26,500