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The following is a list of accounts, in alphabetical order, for Sheridan, Inc. at July 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable, due 2020 Cash Common shares Depreciation expense Dividends declared Equipment Held for trading investments $9,800 14,300 21,300 38,300 Prepaid insurancee 13,500 Rent expense 38,000 $3,000 1,800 3,700 100 8,700 10,200 20,300 24,700 800 77,900 Income tax expense Insurance expense Interest expense Repairs and maintenance expense 9,500 Retained earnings 800 Salaries expense 98,100 Salaries payable 18,000 Service revenue Additional information: All accounts have a normal balance. During the year, the company issued common shares for $11,000

SHERIDAN INC. Trial Balance July 31, 2018 Debit Credit Accounts payable 9800 Accounts receivable 14300 Accumulated Depreciation Equipment 21300 Bank Loan Payable 38300 Cash 13500 Common shares 38000 Depreciation expense 9500 Dividends declared 800 Equipment 98100 Held for trading investments 18000 Income tax expense 3000 Insurance expense 1800 Interest expense 3700 Prepaid insurance 100 Rent expense 8700 Repairs and maintenance expense Retained earnings Salaries expense 10200 20300 24700 Salaries payable 800 Service revenue 77900 Totals 206400 206400

Prepare an income statement for the year. SHERIDAN INC. come Statement Prepare a statement of changes in equity for the year. (If an amount reduces the account balance then enter with negative sign or parentheses e.g. (45) or -45.)

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Sheridan Inc Income Statement For the year ended 31st July 2018 Particulars Amount Amount Income Service Revenue $77,900 Less: Expenses Salaries Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Repairs and Maintenance $24,700 $9,500 $1,800 $3,700 $8,700 10,200 ($58,600 $19,300 Total Expenses Net Income before tax Less: Income Tax Expense Net Income 16,300 Sheridan Inc Statement of Changes in Equity For the year ended 31st July 2018 Particulars Balance as on 1st July 2017 Add: Issue of Equity Shares Add: Income for the year Less: Dividend paid Balance as on 31st July 2018 Common Shares Retained EarningsTotal Equit $27,000 $11,000 $20,300 $16,300 800 35,800 $47,300 $11,000 $58,300 800 115,800 38,000Sheridan Inc Balance Sheet 31st July 2018 Amount Liabilities Assets Current Assets Cash Accounts Receivable Trading Investmen

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