Question

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

Answer 1

		income statement
		for the year ending dec 31,2022
	Revenue
	Service revenue				71,600
	Expenses
	utilities expense			2,150
	Salaries and wages expense			40,540
	Mainternance and repairs expense			1,650
	Depreciation expense			3,320
	Insurance expense			2,480
	Total expense				-50,140
	net income/loss				21,460
	( if required show the individual expense in negative as well)