The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,100 9,100 3,100 28,000 art 5 of 8 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,400 4.400 5,400 points 19,000 9,100 $44,300 $44,300 eBook Point The following is a summary of the transactions for the year: References 1. January 24 Provide plumbing services for cash, $16,000, and on account, $61,000. 2. March 13 Collect on accounts receivable, 549,000. 3. May 6 Issue shares of common stock in exchange for $12,000 cash. 4. June 30 Pay salaries for the current year, $32,200. 5. September 15 Pay Utilities of $5,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,400. 7. December 30 Pay $2,200 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,400. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $8,400 paid in advance by customers, $6,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,800. Problem 3-8B Part 8 8-a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Expenses: Total expenses Check m Required information 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: 0 Total Current Liabilities Total current assets Long-term Assets Stockholder's Equity Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity Total Assets $ 0