Please use this information to prepare a statement of financial position1. assets2.liabilities and shareholders equity please need your best help and solve this problem with work and steps answer in text These items are taken from the financial statements of Sheridan Corporation for the year ended December 31, 2024:Retained earnings, January 1CashSalaries payableUtilities expenseEquipmentAccounts payableBuildingsCommon sharesDividends declaredService revenuePrepaid insuranceRepairs and maintenance expenseLandDepreciation expense$261,00013,7123,5002,40078,00017,70085,00040,0005,900252,4002,4003,300184,0007,320 Accounts receivableInsurance expenseSalaries expenseAccumulated depreciation-equipmentIncome tax expenseSuppliesOperating expenseSupplies expenseBank loan payable, due 2027Trading investmentsAccumulated depreciation-buildingsInterest expenseInterest revenueAdditional information:16,8002,640153,20020,8006,93824046,5001,18017,70023,60021,2001,7706001. Sheridan started the year with $35,400 of common shares and issued $4,600 more during the year.2. Sheridan must pay $1,770 of the bank loan payable next year in 2025.

The balance sheet is one of the important financial statements of the business. The balance sheet is…

Salaries expense Accumulated depreciation-equipment Income tax expense Supplies Operating expense Supplies expense Bank loan payable, due 2027 Trading investments Accumulated depreciation-buildings Interest expense 153,200 20,800 6,938 240 46,500 1,180 17,700 23,600 21,200 1.770

Salaries expense Accumulated depreciation-equipment Income tax expense Supplies Operating expense Supplies expense Bank loan payable, due 2027 Trading investments Accumulated depreciation-buildings Interest expense 153,200 20,800 6,938 240 46,500 1,180 17,700 23,600 21,200 1.770

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please use this information to prepare a statement of financial position

1. assets

2.liabilities and shareholders equity

please need your best help and solve this problem with work and steps answer in text

These items are taken from the financial statements of Sheridan Corporation for the year ended December 31, 2024:
Retained earnings, January 1
Cash
Salaries payable
Utilities expense
Equipment
Accounts payable
Buildings
Common shares
Dividends declared
Service revenue
Prepaid insurance
Repairs and maintenance expense
Land
Depreciation expense
$261,000
13,712
3,500
2,400
78,000
17,700
85,000
40,000
5,900
252,400
2,400
3,300
184,000
7,320

Accounts receivable
Insurance expense
Salaries expense
Accumulated depreciation-equipment
Income tax expense
Supplies
Operating expense
Supplies expense
Bank loan payable, due 2027
Trading investments
Accumulated depreciation-buildings
Interest expense
Interest revenue
Additional information:
16,800
2,640
153,200
20,800
6,938
240
46,500
1,180
17,700
23,600
21,200
1,770
600
1. Sheridan started the year with $35,400 of common shares and issued $4,600 more during the year.
2. Sheridan must pay $1,770 of the bank loan payable next year in 2025.

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