These accounts and balances are taken from the financial statements of Pronghorn Corporation for the year ended December 31,2022.Retained earnings, January 1Utilities expenseEquipmentAccounts payableIncome tax payableCashSalaries payableCommon shares, January 1Dividends declaredService revenuePrepaid InsuranceRepair and maintenance expenseDepreciation expenseAccounts receivableInsurance expenseSalaries expenseIncome tax expenseAccumulated depreciation equipment$24,0002.00071,00020,2002.6009.9003,00013,00011.50076.0006.0002.9004,70010,7002,40032,0006,3007,600Pronghorn issued $13.000 of common shares during the year.Prepare an income statement for the year ended December 31, 2022.PRONGHORN CORPOIncome StatemPrepare an income statement for the year ended December 31, 2022Prepare an a statement of changes in equity for the year ended December 31, 2022. (If an amount reduces the account balance then enterwith negative sign eg -45 or parentheses eg (45))$AssetsPRONGHORN CORPORATIONStatement of Changes in EquityLiabilities and Shareholders' EquityCommon SharesPrepare classified statement of financial position at December 31, 2022 List Cument Assets in onder of liquidityPRONGHORN CORPORATIONStatement of Financial Position$Retained Earnings$Total Equity

The financial statements are prepared using the adjusted trial balance. The balance sheet represents…

these accounts and bala 2022. Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue $24,000 2,000 Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable 71,000 20,200 2.600 9.900 3,000 13,000 11.500 76.000 6.000 2.900 4,700 10,700 2.400 Prepare an a s

these accounts and bala 2022. Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue $24,000 2,000 Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable 71,000 20,200 2.600 9.900 3,000 13,000 11.500 76.000 6.000 2.900 4,700 10,700 2.400 Prepare an a s

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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Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $167,040. 2. Sales on account are $1,813,900. 3. Cost of goods sold is $1,346,550. 2021 $ 215,040 $ 128,000 94,000 100,000 103,000 88,000 4,800 2,800 560,000 560,000 870,000 750,000 (508,000) (348,000) $1,338,840 $1,280,800 $ 106,600 7,000 9,000 120,000 2020 780,000 316,240 $1,338,840 $ 93,000 12,800 5,800 240,000 780,000 149,200 $1,280,800