These items are taken from the financial statements of Drew Corporation at December 31, 2022.
Retained earnings (beginning of year) $33,000
Utilities expense 2,000
Equipment 56,000
Accounts payable 15,300
Cash 15,900
Salaries and wages payable 3,000
Common stock 13,000
Dividends 14,000
Service revenue 78,000
Prepaid insurance 3,500
Maintenance and repairs expense 1,800
Depreciation expense 3,300
Accounts receivable 14,200
Insurance expense 2,200
Salaries and wages expense 47,000
Accumulated depreciation—equipment 17,600
Instructions
Prepare an income statement and a retained earnings statement for the year ended December 31, 2022 and a classified balance sheet as of December 31, 2022.