The following information is available for Ivanhoe Company Accounts receivable $3,500 Cash $6,210
Accounts payable 4,000 Supplies 3,810
Interest payable 640 Unearned service revenue 930
Salaries and wages
expense 4,300 Service revenue 41,200
Notes payable 32,000 Salaries and wages payable 900
Common stock 68,900 Depreciation expense 750
Inventory 2,830 Equipment (net) 108,600
Using the information above, prepare a balance sheet as of December 31, 2022.

Ivanhoe Company

Balance Sheet

As of December 31, 2022:

Assets:

Current assets:

Cash                            $6,210

Accounts receivable    3,500

Supplies                       2,830     $12,540

Long-term assets:

Equipment (net)                         108,600

Total assets                               $121,140

Liabilities and Equity:

Liabilities:

Current Liabilities:

Accounts payable                     $4,000

Interest payable                             640

Unearned service revenue           930

Salaries and wages payable         900

Total current liabilities             $6,470

Long-term liabilities:

Notes payable                         32,000

Total liabilities                       $38,470

Equity:

Common stock     68,900

Retained earnings 35,170 $104,070

Total liabilities + equity     $142,540

There is a discrepancy in the totals of $21,400.

Explanation:

a) Data and Calculations:

Cash $6,210

Accounts receivable $3,500

Supplies 3,810

Accounts payable 4,000

Interest payable 640

Unearned service revenue 930

Salaries and wages payable 900

Service revenue 41,200

Salaries and wages  expense 4,300

Depreciation expense 750

Notes payable 32,000

Common stock 68,900

Inventory 2,830

Equipment (net) 108,600

Supplies Expense:

Supplies    3,810

Inventory 2,830

Used          980

Income Statement for the year ended December 31, 2022:

Service revenue                     $41,200

Salaries and wages  expense    4,300

Depreciation expense                 750

Supplies Expenses                      980

Net Income                            $35,170

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.