Question

Propiem 2-2 (Part Level Submission) These items are taken from the financial statements of Sheffield Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $33,280 2,110 68,280 22,570 15,070 5,840 12,000 12,000 69,290 6,340 1,690 3,490 15,970 2,310 38,290 22,570

Answer 1

69,290 Sheffield Corp. Income Statement For the Year Ended December 31,2017 Revenue: Service Revenue Expenses : Maintenance and Repairs Expenses 1,690 Depreciation Expense 3,490 Insurance Expenses S 2,310 Salaries and Wages Expense S 38,290 Utilities Expense S 2.110 Total Expenses Net Income S S 47,890 21,400