Question: Problem 3-5B (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) Problem 3-5B (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) Lllac

Problem 3-5B (Algo) Prepare financial statements from an adjusted trial balance (LO3-5)

Problem 3-5B (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) Lllac Designs provides consulting services related to home decoration. Lilac Designs provides customers with recommendations for a full range of home decor, including window treatments, carpet and wood flooring, paint colors, fumiture, and much more. Below is the year-end adjusted trial balance of Lilac Designs. 1. Prepare an income statement for the year ended December 31,2024 . 2. 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. 3. Prepare the classified balance sheet for the year ended December 31, 2024

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