Question

Prepare a classified balance sheet as of December 31, 2022

These items are taken from the financial statements of Carla Vista 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 $33,380 2,150 63,800 18,340 14,300 5,510 23,200 12,000 3,500 6,300 2,100 72,760 6,010 1,650 3,140 15,650 2,660 41,730 21,800

Answer 1

Income Statement
Service revenue	72,760
Expenses:
Utilities expense	-2,150
Maintenance & repair expense	-1,650
Depreciation expense	-3,140
Insurance expense	-2,660
Salaries and wages expense	-41,730
Net Income	$21,430

Statement of Retained Earnings
Retained earnings, beginning	33,380
Net income	21,430
	$54,810
Dividends	-12,000
Retained earnings, ending	$42,810

Balance Sheet
Assets
Current assets:
Cash	14,300
Accounts receivable	15,650
Supplies	3,500
Prepaid insurance	6,010
Total Current Assets		$39,460
Long term investments:
Debt investment		6,300
Plant assets	63,800
Less:Accumulated Depreciation- equipment	-21,800	42,000
Intangible assets:
Trademark		2,100
Total Assets		$89,860
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable	18,340
Salaries and wages payable	5,510
Total Current Liabilities		$23,850
Stockholders Equity:
Common stock	23,200
Retained earnings	42,810
Total Stockholder's Equity		$66,010
Total Liabilities and Stockholders Equity		$89,860

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