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Determine income statement and retained earnings statement

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Reference no: EM132464689

these items are taken form the accounting records of entity A for 2022.

accounts payable:                                  10,000

accounts receivable:                               11,000

accumulated depreciation equipment:         38,000

advertising expense:                                21000

cash:                                                     4000

common stock:                                      90000

Depreciation expense:                            12000

dividends:                                           15,000

equipment:                                            210000

Ford Motor CO. stock (long-term investment): 6000

Insurance expense:                                    3000

notes payable (due 2028):                          70000

patent:                                                     4000

prepaid insurance:                                       6000

rent expense:                                            17000

retained earnings (january 1, 2022):              12000

salaries and wages expense:                         34000

salaries and wages payable:                           3000

service revenue:                                        130000

supplies:                                                     4000

supplies expense:                                          6000

instructions:

Question 1: Prepare a income statement, a retained earnings statement, and a classified balanced sheet as of december 31, 2022. Then compute the current ratio and the debt to total assests ratio identifying which is a measure of liquidity and which is a measure of solvency. i need help on how to do a income statement. what is the order.

Reference no: EM132464689

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