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 AccountsDebits Credits Cash$14,000 Accounts Receivable 26,000 Supplies 33,000 Prepaid Insurance 5,000 Equipment 375,000 Accumulated Depreciation $120,000 Accounts Payable 29,000 Salaries Payable 26,000 Utilities Payable 3,000 Notes Payable (due in 5 years) 120,000 Common Stock 100,000 Retained Earnings 47,200 Dividends 24,000 Service Revenuenew construction 350,000 Service Revenueremodeling 240,000 Salaries Expense 140,000 Supplies Expense 265,000 Depreciation Expense 30,000 Insurance Expense 23,000 Utilities Expense 40,000 Interest Expense 7,200 Service Fee Expense 53,000 Totals$1,035,200 $1,035,200 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 $10,000. 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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