Please be sure you have transferred all of your answers to the multiple choice answer sheet. Questio

Please be sure you have transferred all of your answers to the multiple choice answer sheet. Question 1 – Financial Statement Calculations The following items are taken from the annual financial statements of Opco Company at December 31, 2022, the end of its first year of operations. $ Accounts Receivable Accounts Payable Cash Common Stock Notes Payable Service Revenue Fuel Expense Rent Expense Advertising Expense Salaries and Wages Expense Retained Earnings Dividends 40,000 30,000 10,000 20,000 20,000 100,000 15,000 20,000 5,000 20,000 10,000 A. Calculate net income for the year ended December 31, 2022. B. Prepare the statement of retained earnings for the year ended December 31, 2022. Calculate earnings per share. There were 4,000 shares of common stock outstanding at the beginning of the year and 6,000 shares outstanding at the end of the year. The company has no preferred stock. Question 2 – Adjusting Journal Entries State which of the following would be understated (U) and/or overstated (O) before each adjusting entry is made. If a category is unaffected by an adjusting entry, please leave the corresponding cell blank. Adjusting Entry Total Assets Total Expenses Total Revenues Total Liabilities Accrued revenue Accrued expense Deferred revenue Deferred/prepaid expense We were unable to transcribe this image