please provide explanation

Problem 2-02A (Part Level Submission) These items are taken from the financial statements of Sheridan Company for 2022. 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 61,400 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 an income statement for the year ended December 31, 2022. (Enter negative amounts u. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Total Revenues Service Revenue 70,700 Expenses Utilities Expense 2,140 Maintenance and Repairs Expense 1,660 Depreciation expense 3,120 Insurance Expense 2,680 Salaries and Wages Expense 39,650