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: Accounts Debits Credits Cash $ 4,150 Accounts Receivable 9,150 Supplies 3,150 Equipment 29,000 Accumulated Depreciation $ 6,600 Accounts Payable 4,600 Utilities Payable 5,600 Deferred Revenue Common Stock 19,500 Retained Earnings 9,150 Totals $45,450 $45,450 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $16,508, and on account, $61,500. 2. March 13 Collect on accounts receivable, $49,500. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,300. 5. September 15 Pay utilities of $5,600 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,600. 7. December 30 Pay $2,300 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,600. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,600 paid in advance by customers, $6,300 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,700. Problem 3-8B Part 8 f8 8-a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 K ces 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 = minus sign.) PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: Total current assets Long-term Assets: 0 0 Total Current Liabilities Stockholder's Equity Total Stockholder's Equity Total Liabilities and Stockholders' Equity Total Assets 0 0 $