The completed financial statement columns of the spreadsheet for Sheridan Company are shown as follows: Sheridan Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Dr. Cr. Dr. Cr. 101 8,700 112 11,000 130 2,600 157 24,300 158 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. 4,500 201 212 301 306 400 622 711 722 726 732 Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals 1,800 3,000 1,800 29,700 1,400 37.700 59,700 59,700 11,100 9,100 2,500 19.600 57,700 35,700 Net Income 22,000 59,700 59,700 57,700 22,000 57,700 Prepare an owner's equity statement. (List items that increase owner's equity first.) SHERIDAN COMPANY Owner's Equity Statement For the Year Ended December 31, 2022 V: Prepare a classified balance sheet. (List Current Assets in order of liquidity.) SHERIDAN COMPANY Balance Sheet Assets is Liabilities and Owner's Equity SA Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income /(Loss) Property. Plant and Equipment Owner's Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Owner's Equity Total Long-term Investments Total Long-term Liabilities t Current Assets in order of liquidity.) SHERIDAN COMPANY Balance Sheet Assets - / 10 III ... Prepare the closing entries. L. Sheridan did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 Dec. 31 (To close expense accounts) (To close net income / (loss)) Dec. 31 (To close drawings) Enter the balances from the adjusted trial balance and post the closing entries and calculate the balances of the accounts.(Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 12/31 Bal 12/31 1/1 Bal Total Owner's Drawings Income Summary No. 306 No. 350 Service Revenue Maintenance and Repairs Expense Depreciation Expense No. 400 No. 622 No. 711 Insurance Expense Salaries and Wages Expense Utilities Expense No. 722 No. 726 No. 732 Prepare a post-closing trial balance. SHERIDAN COMPANY Post-Closing Trial Balance Debit 10 Credit Totals
