On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses. Service revenue Rent...

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On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses. Service revenue Rent expense $ 83,000 1,900 2,800 $ 11,400 32,000 Postage expense Salaries expense Supplies expense Legal fees expense 18,500 In addition, the balance of common stock at the beginning of the year was $600,000, and the balance of retained earnings was $48,000. During the year, the company issued additional shares of common stock for $33,000 and paid dividends of $26,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Income Statement Stmt of Stockholders Equity Prepare an Income Statement. Expenses: RACHEL COOKING SERVICES Income Statement For the Year Ended December 31, 2024 Total Expenses $ 0 0 Income Statement Stmt of Stockholders Equity Prepare a Statement of Stockholders' Equity. Beginning Balance Ending Balance RACHEL COOKING SERVICES Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock $ Retained Earnings 0 $ Total Stockholders' Equity 0 0 $ On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses. Service revenue Rent expense $ 83,000 1,900 2,800 $ 11,400 32,000 Postage expense Salaries expense Supplies expense Legal fees expense 18,500 In addition, the balance of common stock at the beginning of the year was $600,000, and the balance of retained earnings was $48,000. During the year, the company issued additional shares of common stock for $33,000 and paid dividends of $26,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Income Statement Stmt of Stockholders Equity Prepare an Income Statement. Expenses: RACHEL COOKING SERVICES Income Statement For the Year Ended December 31, 2024 Total Expenses $ 0 0 Income Statement Stmt of Stockholders Equity Prepare a Statement of Stockholders' Equity. Beginning Balance Ending Balance RACHEL COOKING SERVICES Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock $ Retained Earnings 0 $ Total Stockholders' Equity 0 0 $

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