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Zimmerman Electronics has the following balances in the company ledgers for the year ending 2022: Mortgage $80,000 Interest Charges $10,000 Prepaid Insurance $ 2,000 Land
Zimmerman Electronics has the following balances in the company ledgers for the year ending 2022: Mortgage $80,000 Interest Charges $10,000 Prepaid Insurance $ 2,000 Land $25,000 Short-term invest. $ 5,000 Office salaries $70,000 Common Shares $15,000 Sales Salaries $100,000 Cash $ 5,000 Supplies $20,000 Advertising $50,000 Insurance $10,000 Accounts Receivable $15,000 Amortization $20,000 Sales $600,000 Income Tax $10,000 Accounts Payable $12,000 Dividend Payments $10,000 Buildings $100,000 Interest Income $15,000 Cost of Sales $300,000 Inventory $20,000 Note Payable $10,000 Retained Earnings $40,000 Required: prepare the: An income statement Statement of retained earnings Classified balance sheet
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