Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited.

Required:
Prepare an income statement, statement of stockholders’ equity, and classified balance sheet. In preparing the statement of stockholders’ equity, note that during the year the company issued additional common stock for $30,000. This amount is included in the amount for Common Stock in the adjusted trial balance.

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BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2024 Debits Accounts Cash Accounts Receivable Supplies Prepaid Insurance Investments (long-term) Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends Service Revenue-new construction Service Revenue-remodeling Salaries Expense Supplies Expense Rent Expense Insurance Expense Utilities Expense Interest Expense Service Fee Expense Totals $ 16,000 25,000 32,000 7,000 425,000 26,000 160,000 285,000 50,000 25,000 42,000 9,000 73,000 $1,175,000 Credits $ 31,000 28,000 5,000 150,000 200,000 31,000 450,000 280,000 $1,175,000