Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Orange Designs.

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 of $11,000. This amount is included in the amount for Common Stock in the adjusted trial balance.

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ORANGE DESIGNS Adjusted Trial Balance December 31, 2015 Debits Credits 120,000 Accumulated Depreciation Utilities Payable Service Revenues 250,000 $250,000