Question

Solve for the rest please.

These items are taken from the financial statements of Cullumber Company 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 $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480

Answer 1

$72,680 CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2022 Revenue Service Revenue Expenses Salaries and Wages Expenses $41,670 Utilities Expense $2,180 Maintenace and Repairs Expense $1,600 Depreciation Expense $3,200 Insurance Expense $2,600 Total Expenses Net Income/(loss) $51,250 $21,430 CULLUMBER COMPANY Retained Earnings Statement For the Year Ended December 31, 2022 Retained Earnings, January 1, 2022 $32,850 Add: Net Income/(Loss) $21,430 $54,280 Less: Dividends ($12,000) Retained Earnings, December 31, 2022 $42,280 $38,110 $5,200 CULLUMBER COMPANY Balance Sheet as on December 31, 2022 Assets Current Assets Prepaid Insurance $6,130 Cash $14,980 Accounts Receivable $13,600 Supplies $3,400 Long-term Investments Debt Investment $5,200 Property, Plant and Equipment Equipment $65,300 Less: Accumulated Depreciation ($22,480) Intengible Assets Trademarks $1,800 Total Assets Liabilities Accounts Payable $17,650 Salaries and Wages Payable $5,600 Total Liabilities Equity Common stock $22,400 Retained Earnings $42,280 Total equity Total liabilities and equity $42,820 $1,800 $87,930 $23,250 $64,680 $87,930

Note: There was a clarical mistake in your income statement you wrote $2660 instead of $2600 in case of Insurance Expense.

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