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please do an income statement, statement of retained earnings and a classified balan

ce sheet.

Info Ready P Accessibility: Good to go 28 1. Office equibment is depreciated at a rate of 10% per vear. 27 formation necessary to prepare the year-end adjusting entries appears below. 28 Office equipment is depreciated at a rate of 10% per year. 29 Employees are paid weekly on Friday, for the previous 5-day work week. Employees were paid on Friday, December 31, for the week ended Friday, December 24 th. 30 On October 1, 2021, Alfredo borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 6%. The principal is due in 10 ye 31 On March 1, 2021, the company lent a supplier $20,000 and a note was signed requiring principal and interest at 5% to be paid February 28,2022 . 32 On April 1, 2021 the company paid an insurance company $6,000 for a one-year fire insurance policy. 33$800 of supplies remained on hand at December 31, 2021. 34 The company received \$2,000 from a customer in December for 1,500 pounds of spaghetti to be delivered in January 2022. 35 Management estimates that 5% of receivables will become uncollectible. 36 In March, 2021, the company invested $120,000 in stock of a start-up company. As of December 31,2021 , the investment's fair value is $170,000 38 he company's stock consists of 60,000 shares of no par value stock. This is the maximum amount of shares authorized. The income tax rate is 21%. b. Prepare a separate worksheet showing your adjusting entries in good form. c. Prepare a multiple step income statement, statement of retained earnings and a classified balance sheet. A statement of cash flow is not required. A

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