Steel Construction Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding...
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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. Accounts Cash Accounts Receivable Supplies Prepaid Insurance Investments (long-term) Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends STEEL CONSTRUCTION UNLIMITED Adjusted Trial Balance. December 31, 2024 Service Revenue-new construction Service Revenue-remodeling Salaries Expense Supplies Expense Rent Expense Insurance Expense. Utilities Expense Interest Expense Service Fee Expense Totals Debits $ 17,800 25,800 32,800 5,200 443,000 24,200 142,000 267,000 68,000 23,200 40,200 7,800 55,000 $ 1,152,000 Credits $ 29,200 26,200 3,200 130,000 218,000 22,400 468,000 255,000 $ 1,152,000 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. 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 $12,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year ended December 31, 2024. Service Revenues: Total Revenues Expenses: Total Expenses STEEL CONSTRUCTION UNLIMITED Income Statement For the Year Ended December 31, 2024 Required 1 $ 0 0 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. Balance at January 1 Required 3 STEEL CONSTRUCTION UNLIMITED Statement of Stockholders' Equity For the Year Ended December 31, 2024 Balance at December 31 Common Retained Stock Earnings < Required 1 Total Stockholders' Equity Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the classified balance sheet for the year ended December 31, 2024. Current Assets: Total Current Assets Long-term Assets: Total Assets Assets STEEL CONSTRUCTION UNLIMITED Balance Sheet December 31, 2024 $ Current Liabilities: 0 Total Current Liabilities Long-term Liabilities: Total Liabilities Liabilities < Required 2 Stockholder's Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Required 3 $ $ 0 0 0 0 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. Accounts Cash Accounts Receivable Supplies Prepaid Insurance Investments (long-term) Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends STEEL CONSTRUCTION UNLIMITED Adjusted Trial Balance. December 31, 2024 Service Revenue-new construction Service Revenue-remodeling Salaries Expense Supplies Expense Rent Expense Insurance Expense. Utilities Expense Interest Expense Service Fee Expense Totals Debits $ 17,800 25,800 32,800 5,200 443,000 24,200 142,000 267,000 68,000 23,200 40,200 7,800 55,000 $ 1,152,000 Credits $ 29,200 26,200 3,200 130,000 218,000 22,400 468,000 255,000 $ 1,152,000 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. 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 $12,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year ended December 31, 2024. Service Revenues: Total Revenues Expenses: Total Expenses STEEL CONSTRUCTION UNLIMITED Income Statement For the Year Ended December 31, 2024 Required 1 $ 0 0 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. Balance at January 1 Required 3 STEEL CONSTRUCTION UNLIMITED Statement of Stockholders' Equity For the Year Ended December 31, 2024 Balance at December 31 Common Retained Stock Earnings < Required 1 Total Stockholders' Equity Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the classified balance sheet for the year ended December 31, 2024. Current Assets: Total Current Assets Long-term Assets: Total Assets Assets STEEL CONSTRUCTION UNLIMITED Balance Sheet December 31, 2024 $ Current Liabilities: 0 Total Current Liabilities Long-term Liabilities: Total Liabilities Liabilities < Required 2 Stockholder's Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Required 3 $ $ 0 0 0 0
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1 The income statement is shown below Particulars Amount New construction revenue 468000 Add Remodel... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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