Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The completed financial statement columns of the spreadsheet for Blue Spruce Company are as follows. Prepare an income statement Prepare a retained earnings statement Prepare
The completed financial statement columns of the spreadsheet for Blue Spruce Company are as follows.
Prepare an income statement
Prepare a retained earnings statement
Prepare a classified balance sheet.
The completed financial statement columns of the spreadsheet for Blue Spruce Company are as follows. Blue Spruce Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,700 10,600 112 130 2.900 157 23,700 158 4.500 201 9.000 212 2.400 311 19,600 320 8,000 332 19,600 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals Net Income Totals 400 59.500 622 1,600 711 3,300 722 1,600 726 29,700 732 1,300 37,500 59.500 65,500 43.500 22.000 22.000 59.500 59.500 65,500 65.500 Blue Spruce Company Income Statement For the Year Ended December 31, 2022 Revenues Service Revenue $ 59500 Expenses Salaries and Wages Expense $ 29700 Maintenance and Repairs Expense 1600 Utilities Expense 1300 Depreciation Expense 3300 Insurance Expense 1600 Total Expenses 37500 1 Net Income /(Loss) $ 22000 Prepare a retained earnings statement. (List items that increase retained earnings first.) Blue Spruce Company Retained Earnings Statement For the Year Ended December 31, 2022 Retained Earnings, January 2 8,000 Add Net Income /(Loss) 22,000 30.000 Less : Dividends 19,600 Retained Earnings. December 31 V 10,400 Prepare a classified balance sheet. (List Current Assets in order of liquidity.) Blue Spruce Company Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Prepaid Insurance Total Current Assets $ Property, plant and Equipment Equipment Less V Total Assets $ Liabilities and Stockholders' Equity Accounts Payable $ Salaries and Wages Payable $ $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started