Question

Retained earnings (beginning of year) $32,850 Utilities expense 2.180 Equipment 65,300 Accounts payable 17,650 Cash 14,980 Salaries and wages payable 5,600 Common stock 22,400 Dividends 12,000 Supplies 3,400 Debt investment (long-term) 5,200 Trademarks 1,800 Service revenue 72,680 Prepaid insurance 6,130 Maintenance and repairs expense 1.600 Depreciation expense 3,200 Accounts receivable 13,600 Insurance expense 2.600 Salaries and wages expense 41.670 Accumulated depreciation-equipment 22,480 Prepare an income statement for the year ended December 31, 2022. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45))

Answer 1

Amount $ 72,680 Cullumber Company Income statement Accounts tittle Amount Service revenue Expenses: Utilities expenses $ 2.180 Maintainence and repais expense $ 1,600 Depreciation expense $ 3,200 Insurance expense $ 2,600 Salaries and wages expense $ 41,670 Total expense $ 51,250 Net income $ 21,430 Cullumber Company Retained earnings statement |Retained earnings beginning balance | $ Net income for the period $ Dividends $ |Retained earnings ending balance $ Add Less 32,850 21,430 (12,000) 42,280 Cullumber Company Balance sheet Assets Current assets Cash Supplies Prepaid insurance Accounts receivable Non current assets Equipment Less: Accumulated depreciation Debt investment (long term) Other assets Trademarks Total Assets $ $ $ $ 14,980 3,400 6,130 13,600 $ $ 65,300 (22,480) $ $ 42,820 5,200 $ $ 1,800 87,930 $ $ 17,650 5,600 $ 23,250 Liabilities Accounts payable Salaries and wages payable Equity Common stock Retained earnings Total Equity and liabilities $ $ 22,400 42,280 $ S 64,680 87,930