Problem $3-5$A $($Algo$)$ Prepare financial statements from an adjusted trial balance when net income is positive $($LO$3-5)$

Village Builders 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 Village Builders Unlimited.

VILLAGE BUILDERS UNLIMITED

Adjusted Trial Balance

December $31,2024$

Accounts Debits Credits

Cash $ $17,600$

Accounts Receivable $25,600$

Supplies $32,600$

Prepaid Insurance $5,400$

Investments $($long$-$term$)441,000$

Accounts Payable $ $29,400$

Salaries Payable $26,400$

Utilities Payable $3,400$

Notes Payable $($due in $5$ years$)110,000$

Common Stock $216,000$

Retained Earnings $44,800$

Dividends $24,400$

Service Revenue$$new construction $466,000$

Service Revenue$$remodeling $257,000$

Salaries Expense $144,000$

Supplies Expense $269,000$

Rent Expense $66,000$

Insurance Expense $23,400$

Utilities Expense $40,400$

Interest Expense $6,600$

Service Fee Expense $57,000$

Totals $ $1,153,000$ $ $1,153,000$

Required:

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

Prepare the statement of stockholders$$ equity for the year ended December $31,2024,$ note that during the year the company issued additional common stock for $$14,000.$ 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 $31,2024.$