Below are accounts taken from the financial statements of Sherry Co. at December 31, 2022.

Retained earnings (beginning of year)        $28,800
Utilities expense                                                3,000
Equipment                                                         55,600
Accounts payable                                              5,700
Cash 17,200
Salaries and wages payable                            3,900
Common stock                                                 18,000
Dividends                                                            13,900
Service revenue                                                 79,000
Prepaid insurance                                               4,100
Maintenance and Repairs expense                 1,800
Depreciation expense                                         3,600
Notes Payable (due in 2025)                           10,000
Accounts receivable                                          15,500
Insurance expense                                             2,300
Salaries and wages expense                             45,900
Accumulated depreciation—equipment        17,500

Required

1. A) Prepare an Income Statement for the year ended December 31, 2022.
2. B) Prepare a Retained Earnings Statement for the year ended December 31, 2022.
   C) Prepare a Classified Balance Sheet as of December 31, 2022.

Answer rating: 100% (QA)

A Income Statement for the year ended December 31 2022 Service Revenue 79000 Less Expenses Utilities ... View the full answer