These items are taken from the financial statements of Martin Corporation for 2022. 

Instructions 

Prepare an income statement, a retained earnings statement, and a classifi ed balance sheet as of December 31, 2022.

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Retained earnings (beginning of year) Utilities expense Equipment Accounts payable $31,000 2,000 66,000 18,300 Cash 10,100 Salaries and wages payable 3,000 Common stock 22,800 Dividends 12,000 Supplies Debt investment (long-term) 3,100 5,700 Trademarks 2,000 Service revenue 68,000 Prepaid insurance Maintenance and repairs expense Depreciation expense 3,500 1,800 3,600 Accounts receivable 11,700 Insurance expense Salaries and wages expense Accumulated depreciation-equipment 2,200 37,000 17,600