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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. Credits BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2021 Accounts Debits Cash $ 15,300 Accounts Receivable 24,300 Supplies 31,300 Prepaid Insurance 6,300 Equipment 537,500 Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends 25,300 Service Revenue-new construction Service Revenue-remodeling Salaries Expense 153,000 Supplies Expense 278,000 Depreciation Expense 43,000 Insurance Expense 24,300 Utilities Expense 41,300 Interest Expense 7,800 Service Fee Expense 66,000 Totals $1,253,400 $ 172,000 30,300 27,300 4,300 130,000 165,000 50,500 415,000 259,000 $1,253,400 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 $23,000. 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
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