These items are taken from the financial statements of Drew Corporation at December 31, 2022.

Retained earnings (beginning of year) $33,000

Utilities expense 2,000

Equipment 56,000

Accounts payable 15,300

Cash 15,900

Salaries and wages payable 3,000

Common stock 13,000

Dividends 14,000

Service revenue 78,000

Prepaid insurance 3,500

Maintenance and repairs expense 1,800

Depreciation expense 3,300

Accounts receivable 14,200

Insurance expense 2,200

Salaries and wages expense 47,000

Accumulated depreciationequipment 17,600

Instructions

Prepare an income statement and a retained earnings statement for the year ended December 31, 2022 and a classified balance sheet as of December 31, 2022.