These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings...

These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830

Prepare an income statement for the year ended December 31, 2017. Blue Spruce Corp. Income Statement For the Year Ended December 31, 2017 Revenues Service Revenue 69350 Expenses 38350 Salaries and Wages Expense Depreciation Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Total Expenses 3180 1660 2140 2620 (47,950) Net Income / (Loss) 21400

Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings first.) Blue Spruce Corp Retained Earnings Statement For the Year Ended December 31, 2017 Retained Earnings, January 1, 2017 32020 Add Net Income /(Loss) 21400 53420 Less Dividends 12000 Retained Earnings, December 31, 2017 41420

Prepare a classified balance sheet as of December 31, 2017. (List current assets in order of liquidity.) Blue Spruce Corp Balance Sheet Assets

Prepare a classified balance sheet as of December 31, 2017. (List current assets in order of liquidity.) Blue Spruce Corp Balance Sheet Assets