Question
Prepare a classified balance sheet as of December 31, 2022
These items are taken from the financial statements of Carla Vista Co, for 2022. Retained earnings (beginning of year) Utilit
image.png
Liabilities and Stockholders Equity Click if you would like to Show Work for this question: Open Show Work
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Income Statement
Service revenue 72,760
Expenses:
Utilities expense -2,150
Maintenance & repair expense -1,650
Depreciation expense -3,140
Insurance expense -2,660
Salaries and wages expense -41,730
Net Income $21,430
Statement of Retained Earnings
Retained earnings, beginning 33,380
Net income 21,430
$54,810
Dividends -12,000
Retained earnings, ending $42,810
Balance Sheet
Assets
Current assets:
Cash 14,300
Accounts receivable 15,650
Supplies 3,500
Prepaid insurance 6,010
Total Current Assets $39,460
Long term investments:
Debt investment 6,300
Plant assets 63,800
Less:Accumulated Depreciation- equipment -21,800 42,000
Intangible assets:
Trademark 2,100
Total Assets $89,860
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable 18,340
Salaries and wages payable 5,510
Total Current Liabilities $23,850
Stockholders Equity:
Common stock 23,200
Retained earnings 42,810
Total Stockholder's Equity $66,010
Total Liabilities and Stockholders Equity $89,860

Kindly give a positive rating if you are satisfied with this solution and please ask if you have any query.

Thanks

Add a comment
Know the answer?
Add Answer to:
Prepare a classified balance sheet as of December 31, 2022 These items are taken from the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • These items are taken from the financial statements of Carla Vista Co, for 2022. Retained earnings...

    These items are taken from the financial statements of Carla Vista Co, 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 $33,380 2,150 63,800 18,340 14,300 5,510 23,200 12,000 3,500 6,300 2,100 72,760 6,010 1,650 3,140 15,650 2,660 41,730 21,800 (a2) Prepare a retained...

  • These items are taken from the financial statements of Carla Vista Co. for 2022. Retained earnings...

    These items are taken from the financial statements of Carla Vista Co. for 2022. Retained earnings (beginning of year) $33,380 Utilities expense 2,150 Equipment 63,800 Accounts payable 18,340 Cash 14,300 5,510 Salaries and wage payable Common stock 23,200 Dividends 12,000 Supplies 3,500 Debt investment (long-term) 6,300 Trademarks 2,100 Service revenue 72,760 Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable 6,010 1,650 3,140 15,650 Insurance expense 2,660 Salaries and wages expense 41,730 Accumulated depreciation-equipment 21,800 Prepare an income statement...

  • These items are taken from the financial statements of Carla Vista Co. for 2022. Retained earnings...

    These items are taken from the financial statements of Carla Vista Co. for 2022. Retained earnings (beginning of year) Utilities expense $33,380 2,150 Equipment 63,800 Accounts payable 18,340 Cash 14,300 5,510 Salaries and wage payable Common stock 23,200 Dividends 12,000 Supplies 3,500 Debt investment (long-term) 6,300 Trademarks 2,100 Service revenue 72,760 Prepaid insurance 6,010 Maintenance and repairs expense Depreciation expense Accounts receivable 1,650 3,140 15,650 Insurance expense Salaries and wages expense Accumulated depreciation-equipment 2,660 41,730 21,800 Prepare an income statement...

  • These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning...

    These items are taken from the financial statements of Kingbird, Inc. 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 $33,380 2,150 68,380 22,250 14,300 5,510 12,000 12,000 72,730 6,010 1,650 3,140 15,650 2,660 41,730 21,800 Prepare an income statement for the year ended December 31, 2017. Kingbird,...

  • These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning...

    These items are taken from the financial statements of Kingbird, Inc. 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 $33,380 2,150 68,380 22,250 14,300 5,510 12,000 12,000 72,730 6,010 1,650 3,140 15,650 2,660 41,730 21,800 Prepare a classified balance sheet as of December 31, 2017. (List current assets...

  • Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase...

    Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.) These items are taken from the financial statements of Cullumber 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...

  • The following items and amounts were taken from Carla Vista Co.’s 2022 income statement and balance...

    The following items and amounts were taken from Carla Vista Co.’s 2022 income statement and balance sheet, the end of its first year of operations. Interest expense $ 2,100 Equipment, net $ 55,100 Interest payable 800 Depreciation expense 3,700 Notes payable 11,300 Supplies 4,500 Sales revenue 50,100 Common stock 23,550 Cash 3,400 Retained earnings ? Salaries and wages expense 16,000 Supplies expense 950 Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...

  • These items are taken from the financial statements of Ivanhoe Company for 2022. Retained earnings (beginning...

    These items are taken from the financial statements of Ivanhoe 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 $33,800 2,160 66,300 20,560 13,750 6,640 21,800 12,000 3,600 5,600 1,900 71,700 7,140 1,640 3,270 15,160 2,530 40.700 21.250 Prepare a retained earnings statement...

  • Problem 2-02A (Part Level Submission) These items are taken from the financial statements of Sandhill Co....

    Problem 2-02A (Part Level Submission) These items are taken from the financial statements of Sandhill Co. 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 $35,530 2,150 62,100 13,960 11,750 6,280 23,000 12,000 3,400 6,600 2,700 71,600 6,780 1,650 3,320 14,150 2,480 40,540 19,250...

  • These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning...

    These items are taken from the financial statements of Cullumber 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 $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480 CULLUMBER COMPANY Income Statement For...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT