These items are taken from the financial statements of Mueller, Inc. Prepaid insurance ........... $ 2,400 Equipment.............30,000

Question:

These items are taken from the financial statements of Mueller, Inc.

Prepaid insurance ........... $ 2,400

Equipment.............30,000

Salaries and wages expense.......34,000

Utilities expense.................. 2,100

Accumulated depreciation—equipment.... 7,600

Accounts payable............ 7,200

Cash................. 6,100

Accounts receivable.......... 2,900

Salaries and wages payable....... 3,000

Common stock............ 6,000

Depreciation expense.......... 4,300

Retained earnings (beginning)......14,000

Dividends............. 2,600

Service revenue...........51,000

Maintenance and repairs expense..... 2,600

Insurance expense.......... 1,800

Instructions

Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2014.

Financial Statements
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Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...