Problem 3-5A (Algo) Prepare financial statements from an adjusted trial balance when net income is positive (LO3-5)

Steel Construction 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 Steel Construction Unlimited.

STEEL CONSTRUCTION UNLIMITED
Adjusted Trial Balance
December 31, 2024
Accounts	Debits	Credits
Cash	$ 17,200
Accounts Receivable	25,200
Supplies	32,200
Prepaid Insurance	5,800
Investments (long-term)	437,000
Accounts Payable		$ 29,800
Salaries Payable		26,800
Utilities Payable		3,800
Notes Payable (due in 5 years)		120,000
Common Stock		212,000
Retained Earnings		21,600
Dividends	24,800
Service Revenuenew construction		462,000
Service Revenueremodeling		282,000
Salaries Expense	148,000
Supplies Expense	273,000
Rent Expense	62,000
Insurance Expense	23,800
Utilities Expense	40,800
Interest Expense	7,200
Service Fee Expense	61,000
Totals	$ 1,158,000	$ 1,158,000

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 $18,000. 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.