Accounts payable $14,100 Accounts receivable 29,100 Accumulated depreciation-equipment 7,600 Cash 19,100 Common shares 11,650 Depreciation expense...

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Accounts payable $14,100 Accounts receivable 29,100 Accumulated depreciation-equipment 7,600 Cash 19,100 Common shares 11,650 Depreciation expense 5,500 Dividends declared 3,100 Equipment 26,200 Fees earned 99,400 Income tax expense 5,900 Income tax payable 5,650 Insurance expense 4,600 Prepaid insurance 3,600 Rent expense 7,100 Retained earnings 22,100 Salaries expense 48,600 Salaries payable 4,100 Supplies 3,200 Supplies expense 5,100 Utilities expense 3,500 During the year ended March 31, 2024, common shares were issued for $6,100. (a) Prepare a statement of income for the year. < SHEFFIELD CORPORATION Statement of Income Accounts payable $14,100 Accounts receivable 29,100 Accumulated depreciation-equipment 7,600 Cash 19,100 Common shares 11,650 Depreciation expense 5,500 Dividends declared 3,100 Equipment 26,200 Fees earned 99,400 Income tax expense 5,900 Income tax payable 5,650 Insurance expense 4,600 Prepaid insurance 3,600 Rent expense 7,100 Retained earnings 22,100 Salaries expense 48,600 Salaries payable 4,100 Supplies 3,200 Supplies expense 5,100 Utilities expense 3,500 During the year ended March 31, 2024, common shares were issued for $6,100. (a) Prepare a statement of income for the year. < SHEFFIELD CORPORATION Statement of Income