These items are taken from the financial statements of Sheridan Company for 2025. Retained earnings (beginning...

Transcribed Image Text:

These items are taken from the financial statements of Sheridan Company for 2025. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $35,340 2,140 64,500 15,640 14,290 7,920 22,300 12,000 3,000 6,200 2,400 70,700 8,420 1,660 3,120 13,630 2,680 39,650 21,790 Prepare a retained earnings statement for the year ended December 31, 2025. (List items that increase retained earnings first.) Prepare an income statement for the year ended December 31, 2025. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) These items are taken from the financial statements of Sheridan Company for 2025. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $35,340 2,140 64,500 15,640 14,290 7,920 22,300 12,000 3,000 6,200 2,400 70,700 8,420 1,660 3,120 13,630 2,680 39,650 21,790 Prepare a retained earnings statement for the year ended December 31, 2025. (List items that increase retained earnings first.) Prepare an income statement for the year ended December 31, 2025. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).)

Answer rating: 100% (QA)

Retained Earnings Statement for the year ended December 31 2025 Reta... View the full answer