Question

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,100 9,100 3,100 28,000 art 5 of 8 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,400 4.400 5,400 points 19,000 9,100 $44,300 $44,300 eBook Point The following is a summary of the transactions for the year: References 1. January 24 Provide plumbing services for cash, $16,000, and on account, $61,000. 2. March 13 Collect on accounts receivable, 549,000. 3. May 6 Issue shares of common stock in exchange for $12,000 cash. 4. June 30 Pay salaries for the current year, $32,200. 5. September 15 Pay Utilities of $5,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,400. 7. December 30 Pay $2,200 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,400. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $8,400 paid in advance by customers, $6,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,800.

Answer 1

Answell page=1 From the problem Required 8-0) prepare an income statement ended december 31, godle for the year $ 83.200.00 PIPERS PLUMBING income statement Fat the year Ended December 31, 2001 Service Revenue Expenses Salaries Expense $32,200.00 $1900.00 Supplies Expense Depreciation Expeose $ 6400.00 utilities Expense $6800.00 2300.00 Total Expenses $ 35900.00 Net income

8-b) classified balance sheet for the yeou ended december 31, 2001. PIPERS PLUMBING Balance sheet December 31, 9021 Assets liabilities coush 1$ 49400.00 Accounts payable Account Receivable 21100.00 Defenred_nevenue Supplies 1900.00 Accouued utilities Total Cutient assets $12000.00 Total current liabilities of wisent liabilities long term assets Stockholders equity $4400.00 2000.00 $6800.00 $13400.00 $31000.00 9.42800.00 fquipment $08000.00 common stock (19000+19000) Accumulated (9100+35900-2200) depreciation $(12800.00) Retained comings (Total stockholders equity) Total assets £87200.00 Total utilities | stock holders equity $ 73800.00 87900.00