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Problem $3-5$B $($Algo$)$ Prepare financial statements from an adjusted trial balance $($LO$3-5)$

Lilac Designs provides consulting services related to home decoration. Lilac Designs provides customers with recommendations for a full range of home d$$cor$,$ including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year$-$end adjusted trial balance of Lilac Designs.

LILAC DESIGNS

Adjusted Trial Balance

December $31,2024$

Accounts Debits Credits

Cash $ $5,300$

Accounts Receivable $4,300$

Supplies $2,300$

Prepaid Rent $6,300$

Buildings $113,000$

Accumulated Depreciation $ $21,300$

Accounts Payable $3,300$

Salaries Payable $4,300$

Utilities Payable $1,000$

Notes Payable $($due in four years$)23,000$

Common Stock $53,000$

Retained Earnings $15,300$

Service Revenues $114,100$

Salaries Expense $42,300$

Rent Expense $18,300$

Depreciation Expense $7,300$

Supplies Expense $8,300$

Advertising Expense $13,300$

Utilities Expense $12,300$

Interest Expense $2,300$

Totals $ $235,300$ $ $235,300$

Required:

Prepare an income statement for the year ended December $31,2024.$

Prepare the statement of stockholders$$ equity, note that during the year the company issued additional common stock of $$10,000.$ This amount is included in the amount for Common Stock in the adjusted trial balance.

Prepare the classified balance sheet for the year ended December $31,2024.$