Answer:
See the explanation
Explanation:
<em><u>Income statement for year ending December 31, 2022 </u></em>
Revenues:
Service revenue $17,346
Total revenues $17,346
Expenses:
Insurance expense $920
Depreciation expense $6,254
Interest expense $3,068
Total expenses ($10,242)
Net income $7,104
<em><u>Balance sheet as on December 31, 2022
</u></em>
Current assets:
Cash $13,971
Accounts receivable $14,868
Prepaid insurance $3,776
Total current assets $32,615
Non Current assets:
Property, Plant & Equipment
Land $72,216
Buildings $124,844
Less: Accumulated Depreciation ($53,808) -----> $71,036
Equipment $97,232
Less: Accumulated Depreciation ($22,090) ------> $75,142
Total Non current assets $218,394
<em>
Total Assets $251,009
</em>
Liabilities:
Current Liabilities :
Accounts Payable $11,210
Interest payable $4,248
Total current liabilities $15,458
Non Current liabilities:
Notes payable $110,448
Total non current liabilities $110,448
Stockholder's equity:
Common stock $70,800
Retained Earnings $47,199
Add: Net income $7,104 -------> $54,303
Total stockholder's equity $125,103
<em>
Total liabilities & stockholder's equity $251,009</em>
Hope this helps!
