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These items are taken from the financial statements of Ivanhoe Company for 2022. Retained earnings (beginning of year) Utilit
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained ec IVANHOE COM
IVANHOE COMPANY Balance Sheet Assets
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Answer #1
IVANHOE COMPANY
Income Statement
For the Year Ended December 31, 2022
Revenues
Service revenue 71,700
Expeneses:
Utilities expense 2,160
Maintenance and repairs expense 1,640
Depreciation expense 3,270
Insurance expense 2,530
Salaries and wages expense 40,700
Total expenses -50,300
Net Income $21,400
IVANHOE COMPANY
Retained Earnings Statement
For the Year Ended December 31, 2022
Beginning retained earnings 33800
Net Income 21,400
$55,200
Dividends -12,000
Retained earnings, Ending $43,200
IVANHOE COMPANY
Balance Sheet
For the Year Ended December 31, 2022
Assets Amount
Current Assets:
Cash 13,750
Accounts receivable 15,160
Supplies 3,600
Prepaid insurance 7,140
Total Current Assets 39,650
Other assets:
Debt investment (long-term) 5,600
Plant,Assets :
Equipment 66,300
Less:Accumulated Depreciation- Equipment -21,250
Total plant asset 45,050
Intangible assets:
Trademark 1,900
Total Assets $92,200
Liabilities and Stockholders Equity
Current Liabilities:
Accounts payable 20,560
Salaries and wages payable     6,640
Total Current liabilities 27,200
Stockholders Equity:
Common stock 21,800
Retained earnings 43,200
Total stockholders equity 65,000
Total Liabilities & Stockholders Equity $92,200

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