Question

Question 3 View Policies Current Attempt in Progress 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 revenue Rent revenue Notes payable due in 2025) Common stock $4,100 59.100 17.300 17,620 4000 67,700 10.200 3.700 Accounts receivable Accumulated depreciation-couiment Dividends Depreciation expense Retained earnings beginning of the year 16,000 35.280 11.700 7400 4000 4.000 35.900 Prepare an income statement for the year. Sheridan Company did not any new stock during the year, Enter

Use the numbers above for a retained earnings sheet.

Answer 1

Required 1 :
SHERIDAN COMPANY
Income Statement
For the Year Ended July 31,2022
Revenues:
Service Revenue	$ 67,700
Rent Revenue	$ 10,200
Total Revenues		$ 77,900
Expenses:
Salaries and wages expense	$ 59,100
Supplies expense	$ 17,300
Depreciation Expense	$ 4,000
Total Expenses		$ 80,400
Net income (loss){$77,900 -$80,400 }		($2,500)

Required 2 :
SHERIDAN COMPANY
Retained earnings Statement
For the Year Ended July 31,2022
Retained earnings at Beginning of the year		$ 35,900
Less: Net Loss	$ 2,500
Less: Dividends	$ 4,000
		($6,500)
Retained earnings at Ending of the year		$ 29,400

Required 3 :
SHERIDAN COMPANY
Balance Sheet
July 31,2022
Assets :
Current Assets :
Cash	$ 35,280
Account receivable	$ 11,700
Total current assets		$ 46,980
Property, plant and equipment
Equipment	$ 17,620
less: Accumulated Depreciation	($7,400)	$ 10,220
Total Assets		$ 57,200
Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable	$ 4,000
Salaries and wages payable	$ 4,100
Total current Liabilities		$ 8,100
Long term Liabilities :
Notes payable		$ 3,700
Total Liabilities		$ 11,800
Shareholders Equity ;
Common stock	$ 16,000
Retained earnings (See Required 2 )	$ 29,400	$ 45,400
Total Liabilities and Shareholders Equity		$ 57,200