Sheffield Corp. compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $843000 183000 O $559500. O $1009500. O $1399500. O $490000. 245000 744000 201000 59000 25000 124000 88500 426000 Sheffield's assets on December 31, 2022 are:

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is