These items are taken from the financial statements of Sheridan Company for 2022. Retained earnings (beginning of year) $34,870 Utilities expense 2,180 Equipment 66,600 Accounts payable 17,520 Cash 11,460 Salaries and wages payable 4,110 Common stock 22,600 Dividends 12,000 Supplies 3,000 Debt investment (long-term) 6,000 Trademarks 2,400 Service revenue 70,750 Prepaid insurance 4,610 Maintenance and repairs expense 1,620 Depreciation expense 3,370 Accounts receivable 13,360 Insurance expense 2,430 Salaries and wages expense 39,780 Accumulated depreciation-equipment 18,960
These items are taken from the financial statements of Sheridan Company for 2022. Retained earnings (beginning of year) $34,870 Utilities expense 2,180 Equipment 66,600 Accounts payable 17,520 Cash 11,460 Salaries and wages payable 4,110 Common stock 22,600 Dividends 12,000 Supplies 3,000 Debt investment (long-term) 6,000 Trademarks 2,400 Service revenue 70,750 Prepaid insurance 4,610 Maintenance and repairs expense 1,620 Depreciation expense 3,370 Accounts receivable 13,360 Insurance expense 2,430 Salaries and wages expense 39,780 Accumulated depreciation-equipment 18,960
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 56CE
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Prepare an income statement for the year ended December 31,2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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