These Items Are Taken from the Financial Statements of Drew

question 92

Essay

These items are taken from the financial statements of Drew Corporation for 2014. $$\begin{array} { l r } \text { Retained earnings (beginning of year) } & \$ 33,000 \\\text { Utilities expense } & 2,000 \\\text { Equipment } & 56,000 \\\text { Accounts payable } & 15,300 \\\text { Cash } & 15,900 \\\text { Salaries and wages payable } & 3,000 \\\text { Common stock } & 13,000 \\\text { Dividends } & 14,000 \\\text { Service revenue } & 78,000 \\\text { Prepaid insurance } & 3,500 \\\text { Maintenance and repairs expense } & 1,800 \\\text { Depreciation expense } & 3,300 \\\text { Accounts receivable } & 14,200 \\\text { Insurance expense } & 2,200 \\\text { Salaries and wages expense } & 47,000 \\\text { Accumulated depreciation-equipment } & 17,600\end{array}$$ Instructions
Prepare an income statement and a retained earnings statement for the year ended December 31, 2014 and a classified balance sheet as of December 31, 2014.

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