Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $ 42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts receivable, $48,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,000. 5. September 15 Pay utilities of $5,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,000. 7. December 30 Pay $2,000 cash dividends to stockholders. The following information is available for the adictinn entries The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts receivable, $48,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,000. 5. September 15 Pay utilities of $5,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,000. 7. December 30 Pay $2,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000 Problem 3-8B Part 8 8-a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Service Revenue $ Retained Earnings 81,000 81,000 Expenses: Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: 0 Total current assets Long-term Assets: Total Current Liabilities Stockholder's Equity Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity 0 0 on Total Assets $ $