Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms,
Question:
Boilermaker 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 Boilermaker Unlimited.
Required:
Prepare an income statement, statement of stockholders' equity, and classified balance sheet. In preparing the statement of stockholders' equity, note that during the year the company issued additional common stock for $20,000. This amount is included in the amount for Common Stock in the adjusted trial balance?
BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2012 Debits Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Credits $ 15,000 24,000 31,000 6,000 500,000 $ 160,000 Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends Service Revenue-new construction Service Revenue-remodeling Salaries Expense Supplies Expense Depreciation Expense Insurance Expense Utilities Expense Interest Expense Service Fee Expense 27,000 4,000 150,000 79,000 25,000 40000 250,000 275,000 40,000 24,000 41,000 63,000 Totals $1,200,000 $1,200,000
Step by Step Answer:
Given Data BOILERMAKER UNLIMITED Adjusted Trial Balance December 31 2012 Account Title Debits Credit...View the full answer
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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