Question

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

CULLUMBER COMPANY Income Statement for year ended December 31,2022 Revenues: Service Revenue $ 72,680 Expenses: Salaries and wages Expense $ 41,670 Utilities Expense $ 2,180 Maintenance and Repairs Expense $ Depreciation Expenses $ 3,200 Insurane Expense $ 2,600 Total Expenses. $ 51,250 Net Income $ 21,430 CULLUMBER COMPANY Retained Earnings Statement for year ended December 31,2022 Retained Earnings, January 1,2022 $ 32.850 Add: Net Income $ 21,430 $ 54,280 Less: Dividends $ 12,000 Retained Earnings, December 31,2022 $ 42,280 14,980 13,600 3.400 6,130 1,600 $ 38,110 $ 5,200 CULLUMBER COMPANY Balance sheet December 31,2022 Assets: Current Assets Cash $ Accounts Receivable $ Supplies $ Prepaid Insurance $ Total Current Assets Long-term Assets: Debt Investment(Long term Property plant and Equipment Equipment $ Less:Accumulated Depreciation-Building $ Total Property.plant and Equipment Intangible Assets Trademarks Total Assets Liabilities: Current Liabilities Accounts Payable $ Salaries and Wages Payable $ Total Liabilities Stockholders Equity: Common Stock Retained Earnings $ Total Stockholders' Equity Total Liabilities and Stockholders' Equity 65,300 22,480 $ 42,820 $ 1,800 $ 87,930 17,650 5,600 $ 23,250 22,400 42.280 $ 64,680 $ 87,930

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