Accounts Cash Accounts Receivable Supplies Prepaid Insurance BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2024 Debits...

Transcribed Image Text:

Accounts Cash Accounts Receivable Supplies Prepaid Insurance BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2024 Debits Credits $ 16,000 25,000 32,000 7,000 425,000 Investments (long-term) Accounts Payable Salaries Payable Utilities Payable $ 31,000 28,000 $5,000 Notes Payable (due in 5 years) 150,000 Common Stock 200,000 Retained Earnings 31,000 Dividends 26,000 Service Revenue-new construction Service Revenue-remodeling 450,000 280,000 Salaries Expense 160,000 Supplies Expense 285,000 Rent Expense Insurance Expense Utilities Expense 50,000 25,000 42,000 Interest Expense 9,000 Service Fee Expense Totals 73,000 $ 1,175,000 $ 1,175,000 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2024, 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. 3. Prepare the classified balance sheet for the year ended December 31, 2024. Accounts Cash Accounts Receivable Supplies Prepaid Insurance BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2024 Debits Credits $ 16,000 25,000 32,000 7,000 425,000 Investments (long-term) Accounts Payable Salaries Payable Utilities Payable $ 31,000 28,000 $5,000 Notes Payable (due in 5 years) 150,000 Common Stock 200,000 Retained Earnings 31,000 Dividends 26,000 Service Revenue-new construction Service Revenue-remodeling 450,000 280,000 Salaries Expense 160,000 Supplies Expense 285,000 Rent Expense Insurance Expense Utilities Expense 50,000 25,000 42,000 Interest Expense 9,000 Service Fee Expense Totals 73,000 $ 1,175,000 $ 1,175,000 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2024, 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. 3. Prepare the classified balance sheet for the year ended December 31, 2024.