Financial Statements: Lamar Corporation began operations on January 1, 2023, as an online retailer of computer...

 

Transcribed Image Text:

Financial Statements: Lamar Corporation began operations on January 1, 2023, as an online retailer of computer software and hardware. The following financial statement data were taken from Lamar's records at the end of its first year of operations, December 31, 2023. Accounts payable Accounts receivable Accumulated depreciation-Equipment Cash Capital stock Wages expense Dividends Supplies expense Income taxes payable $ 8,000 38,000 22,000 109,000 250,000 400,000 25,000 140,000 20,000 Interest expense 15,000 Inventories 90,000 Note payable due in 2025 100,000 Equipment 378,000 Retained earnings (01/01/2023; Not 12/31/2023) Service revenues 975,000 Selling and administrative expense 185,000 Deferred revenues 5,000 Requirements: 1. Prepare an income statement for the year ended December 31, 2023. (10 pts) 2. Prepare the Statement of Stockholders' Equity for the year ended December 31, 2023 (10 pts) Financial Statements: Lamar Corporation began operations on January 1, 2023, as an online retailer of computer software and hardware. The following financial statement data were taken from Lamar's records at the end of its first year of operations, December 31, 2023. Accounts payable Accounts receivable Accumulated depreciation-Equipment Cash Capital stock Wages expense Dividends Supplies expense Income taxes payable $ 8,000 38,000 22,000 109,000 250,000 400,000 25,000 140,000 20,000 Interest expense 15,000 Inventories 90,000 Note payable due in 2025 100,000 Equipment 378,000 Retained earnings (01/01/2023; Not 12/31/2023) Service revenues 975,000 Selling and administrative expense 185,000 Deferred revenues 5,000 Requirements: 1. Prepare an income statement for the year ended December 31, 2023. (10 pts) 2. Prepare the Statement of Stockholders' Equity for the year ended December 31, 2023 (10 pts)