Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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. Credits $ BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2021 Accounts Debits Cash 14,300 Accounts Receivable 25,700 Supplies 32,700 Prepaid Insurance 5,300 Equipment 412,500 Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends 24,300 Service Revenue-new construction Service Revenue-remodeling Salaries Expense 143,000 Supplies Expense 268,000 Depreciation Expense 33,000 Insurance Expense 23,300 Utilities Expense 40,300 Interest Expense 7,200 Service Fee Expense 56,000 Totals $1,085,600 $ 132,000 29,300 26,300 3,300 120,000 115,000 38,700 365,000 256,000 $1,085,600 Required: 1. Prepare an income statement for the year ended December 31, 2021. 2. 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 $13,000. 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, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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, 2021. BOILERMAKER UNLIMITED Income Statement For the Year Ended December 31, 2021 Service Revenues: Total Revenues Expenses: Total Expenses Required 1 Required 2 Required: 1. Prepare an income statement for the year ended December 31, 2021. 2. 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 $13,000. 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, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 $13,000. This amount is included in the amount for Common Stock in the adjusted trial balance. BOILERMAKER UNLIMITED Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Eat gs Total Stockholders Equity Balance at January 1 Balance at December 31 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, 2021. (Amounts to be deducted should be indicated by a minus sign.) BOILERMAKER UNLIMITED Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets Long-term Assets: Total Current Liabilities Long-term Liabilities: Total Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

BMW Brand Audit

Authors: Marion Maguire

1st Edition

3638653137, 978-3638653138

More Books

Students also viewed these Accounting questions