Reference no: EM133151635
Question - The Horizon Corporation at the end of December 31, 2020.
Salaries and wages payable $2,580
Salaries and wages expense 29,850
Utilities expense 4,600
Equipment 65,000
Accounts payable 4,100
Service revenue 101,100
Advertising Expense 3,350
Notes payable (due 2025) 9,000
Common stock 16,000
Cash 46,200
Prepaid Insurance 1,800
Accounts receivable 28,180
Accumulated depreciation-equipment 45,000
Dividends 12,000
Depreciation expense 10,000
Retained earnings (beginning of the year) 23,200
Required -
(a) Prepare an income statement and a retained earnings statement for the year ended December 31, 2020.
(b) Prepare a classified balance sheet at December 31, 2020.
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