Sun shine Corporation
Trial Balance
31-Dec-22
	Debit $	Credit $
Cash	94,800
Notes Receivable	55,000
Accounts Receivable	53,000
Allowance for Doubtful Accounts		3,000
Inventory	44,000
Supplies	7,000
Land	35,000
Gain on sale of Land		15,000
Equipment	70,000
Accumulated Depreciation-Equipment		14,000
Buildings	49,000
Accumulated Depreciation-Buildings		9,800
Notes payable		35,000
Accounts Payable		24,000
Bonds payable		50,000
Salaries and wages payable		9,000
Share Capital-Ordinary		150,000
Retained Earnings		80,000
Cash Dividends	22,500
Sales Revenue		550,000
Sales Discounts	7,000
Sales Returns and Allowances	9,000
Rent Revenue		9,000
Selling Expenses	96,000
Administrative Expenses	69,000
Income Tax Expense	27,000
Freight-In	10,000
Purchases	305,000
Purchases Discounts		5,000
Total	953,800	953,800

A physical count of inventory on December 31 resulted in an inventory amount of $32,000; thus, the cost of goods sold for 2022 is $322,000.

Prepare an income statement and a retained earnings statement for the year ended December 31, 2022. Also, prepare a classified statement of financial position in good form as of December 31, 2022. Assume that the only changes in retained earnings during the current year were from net income and dividends. Fifteen-thousand ordinary shares were outstanding the entire year. The ordinary shares authorized were 40,000 shares. (20 Marks)