Question

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

Answer 1

Income statement for the year ended December 31, 2022

Service Revenue 72760

Utility Expense - 2150

Maintenance & Repair Expense   - 1650

Depreciation - 3140

Insurance   - 2660

Salaries & Wages - 41730

Net Profit 21430

Dividend     - 12000

Profit Transferred to Balance sheet 9430

Profit

Answer 2

Balance Sheet
Assets
Current Assets
Cash	$            13,950
Accounts Receivable	$            13,660
Supplies	$              3,100
Prepaid Insurance	$              7,860
Total Current Assets		$          38,570
Non Current Assets
Debt Investment		$            5,600
Property, Plant and Equipment
Equipment	$            64,500
Less : Accumulated Depreciation-Equipment	$          -21,450	$          43,050
Intangible Assets
Trademarks		$            1,800
Total Assets		$          89,020
Liabilities & Stockholder's Equity
Current Liabilities
Accounts Payable	$            15,180
Salaries & Wages Payable	$              7,360
Total Current Liabilities		$          22,540
Stockholder's Equity
Common Stock	$            21,000
Retained Earnings	$            45,480
Total Stockholder's Equity		$          66,480
Total Liabilities & Stockholder's Equity		$          89,020

Answer 3

Balance Sheet
Assets
Current Assets
Cash	$            13,950
Accounts Receivable	$            13,660
Supplies	$              3,100
Prepaid Insurance	$              7,860
Total Current Assets		$          38,570
Non Current Assets
Debt Investment		$            5,600
Property, Plant and Equipment
Equipment	$            64,500
Less : Accumulated Depreciation-Equipment	$          -21,450	$          43,050
Intangible Assets
Trademarks		$            1,800
Total Assets		$          89,020
Liabilities & Stockholder's Equity
Current Liabilities
Accounts Payable	$            15,180
Salaries & Wages Payable	$              7,360
Total Current Liabilities		$          22,540
Stockholder's Equity
Common Stock	$            21,000
Retained Earnings	$            45,480
Total Stockholder's Equity		$          66,480
Total Liabilities & Stockholder's Equity		$          89,020