Question

please help me complete these statements

These financial statement items are for Sheridan Company at year-end, July 31, 2022. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenus Rent revenus Notes payable due in 2025) Common stock Cash Accounts receivable Accumulated depreciation equipment Dividends Depreciation expense Retained earnings (beginning of the year $3,600 59,000 16,800 16,700 4,400 67.600 9.700 3,800 16,000 36.200 11,800 7.400 4000 4,000 36,000

Answer 1

77,300 Sheridan Company Income statement For the Year Ended July 31, 2022 Revenue Sales Revenue $ 67,600 Rent Revenue $ 9,700 S Expenses : Salaries and Wages Expenses $ 59,000 Depreciation Expenses $ 4.000 Supplies Expense $ 16,800 Total Expenses $ Net Income S 79,800 (2,500) Sheridan Company Retained Earnings Statement For the Year Ended July 31, 2022 Opening Balance of Retained Earnings Add: Net Income S (2.500) Less: dividends S (4,000 $ 36,000 S $ (6,500 29,500 Closing Balance of Retained Earnings

48,000 Sheridan Company Balance Sheet July 31,2022 Assets Current assets Cash S 36,200 Accounts Receivables S 11.800 Total Current Assets S Notes Receivables Property, plant and Equipment Equipment $ 16,700 Accumulated Depreciation - Equipment S 7,400 S Total Property, Plant, and equipment Total assets $ Liabilities and Stockholders' Equity Current Liabilities Accounts Payable S 4.400 Salaries and Wages Payable $ 3.600 Total Current Liabilities S 8,000 Long Term Borrowings Notes Payable $ Total Liabilities S 9,300 57,300 3.800 11.800

Shareholders Equity Common stock $ Retauned Earnings S Total shareholders Equity Total Liabilities and Shareholders Equity 16,000 29,500 $ S 45,500 57,300 Current Ratio Debt to assets ratio 8.0:1 20.6% Notes: Current ratio = Current assets / Current liabilities = $48,000/$8,000 = 8.0 Debt to assets ratio = Total Debt / Total assets = $11,800/$57,300 = 20.6%