The December 31, 2024, adjusted trial balance for Fightin Blue Hens Corporation is presented below. Required: 1.
Question:
The December 31, 2024, adjusted trial balance for Fightin’ Blue Hens Corporation is presented below.
Required:
1. Prepare an income statement for the year ended December 31, 2024.
2. Prepare a statement of stockholders’ equity for the year ended December 31, 2024, assuming no common stock was issued during 2024.
3. Prepare a classified balance sheet as of December 31, 2024.
Accounts Cash Accounts Receivable Prepaid Rent Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Utilities Expense Interest Expense Totals Debit $ 12,000 150,000 6,000 30,000 265,000 400,000 20,000 40,000 5,000 $928,000 Credit $ 12,000 11,000 5,000 40,000 300,000 60,000 500,000 $928,000
Step by Step Answer:
Income Statement for the year ended December 31 2024 Service Revenue 500000Less Expenses Salaries Ex...View the full answer
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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