Aubrae and Tylor Williamson began operations of their furniture repair shop (Fumiture Refinishers, Incorporated) on January 1,2019. The annual reporting period ends December 31 . The trial balance on January 1, 2024, was as follows: a. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share at the beginning of the year. b. Borrowed $40,000 cash on July 1, 2024, signing a one-year, 10 percent note payable. c. Purchased equipment for $16,000 cash on July 1,2024 . d. Earned $125,000 in revenues for 2024 , including $25,000 on credit and the rest in cash. e. Incurred $35,000 in wages expense and $11,000 in miscellaneous expenses for 2024 , with $7,000 on credit and the rest paid with cash. f. Purchased additional small tools, $8,000 cash. g. Collected accounts receivable, $9,000. h. Paid accounts payable, $13,000. i. Purchased $21,000 of supplies on account. j. Declared a cash dividend on December 1,$12,000. k. Received a $7,000 deposit on work to start January 15, 2025 , 1. Paid the dividends in () on December 31 . Data for adjusting entries: n. Supplies of $5,000 and small tools of $15,000 were counted on December 31, 2024 (debit Miscellaneous Expenses). n. Depreciation for 2024,$4,000. o. Interest accrued on notes payable (to be computed). p. Wages earned since the December 24 payroll but not yet paid, $3,000. q. Income tax expense was $3,000, payable in 2025 . FURNITURE REFINISHERS, INCORPORATED \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, 2024} \\ \hline Operating revenues: \\ \hline Service revenue & \\ \hline & \\ \hline Operating expenses: & \\ \hline Depreciation expense & \\ \hline Wages expense & \\ \hline Miscellaneous expenses & \\ \hline & \\ \hline & \\ \hline Total operating expenses & \\ \hline Operating income & \\ \hline Other item: & \\ \hline Interest expense & \\ \hline & \\ \hline Pretax income & \\ \hline Income taxes expense & \\ \hline & \\ \hline Net income & \\ \hline,0000 \\ \hline \end{tabular} Use the drop-downs to select the accounts that should be properly included on the statement of stockholders' equity and enter the appropriate amounts. Note: Amounts to be deducted should be indicated with a minus sign. Use the drop-downs below to select the accounts that should be properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection in the drop-downs. Note: Include all balance sheet accounts, even those with zero balances. \begin{tabular}{|c|c|c|c|} \hline & & & \\ \hline & & & \\ \hline 7 & & & \\ \hline & & 7 & \\ \hline & & p & \\ \hline & & & \\ \hline Total current assets & 0 & Total current liabilities & 0 \\ \hline & & \multicolumn{2}{|l|}{ Stockholders' equity } \\ \hline 7 & & p & \\ \hline & & & \\ \hline Net Plant, property, and equipment & 0 & & \\ \hline & & p & \\ \hline & & Total stockholders' equity & 0 \\ \hline Total assets & $ & Total liabilities and stockholders' equity & $ \\ \hline \end{tabular} statement of SE: Analysis Compute the applicable ratios shown below for 2024 . Note: Round your answers for a. and b. to 2 decimal places. Enter your answer for c, as a whole percentage (i.e. 95 should be entered as 95)
