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.
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.
| BOILERMAKER UNLIMITED | |||||||
| Adjusted Trial Balance | |||||||
| December 31, 2021 | |||||||
| Accounts | Debits | Credits | |||||
| Cash | $ | 14,500 | |||||
| Accounts Receivable | 25,500 | ||||||
| Supplies | 32,500 | ||||||
| Prepaid Insurance | 5,500 | ||||||
| Equipment | 437,500 | ||||||
| Accumulated Depreciation | $ | 140,000 | |||||
| Accounts Payable | 29,500 | ||||||
| Salaries Payable | 26,500 | ||||||
| Utilities Payable | 3,500 | ||||||
| Notes Payable (due in 5 years) | 150,000 | ||||||
| Common Stock | 125,000 | ||||||
| Retained Earnings | 13,500 | ||||||
| Dividends | 24,500 | ||||||
| Service Revenuenew construction | 375,000 | ||||||
| Service Revenueremodeling | 258,000 | ||||||
| Salaries Expense | 145,000 | ||||||
| Supplies Expense | 270,000 | ||||||
| Depreciation Expense | 35,000 | ||||||
| Insurance Expense | 23,500 | ||||||
| Utilities Expense | 40,500 | ||||||
| Interest Expense | 9,000 | ||||||
| Service Fee Expense | 58,000 | ||||||
| Totals | $ | 1,121,000 | $ | 1,121,000 | |||
Required:
Prepare an income statement for the year ended December 31, 2021.
Prepare the statement of stockholders equity for the year ended December 31, 2021, note that during the year the company issued additional common stock for $15,000. This amount is included in the amount for Common Stock in the adjusted trial balance.
Prepare the classified balance sheet for the year ended December 31, 2021.
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The Auditors Guide Of 1869 A Review And Computer Enhancement Of Recently Discovered Old Microfilm Of Americas First Book On Auditing By H J Mettenheimer
Authors: Peter L. McMickle, Paul H. Jensen
1st Edition
0367534622, 978-0367534622
