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Driftwood Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024,
Driftwood Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense $31,700 Service revenue $118,600 Buildings 132,000 Interest expense 1,700 Salaries expense 63,300 Utilities expense 13,700 Accounts payable 4,600 Equipment 18,000 Cash 3,700 Notes payable 21,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings of $13,300 at the beginning of the year and paid dividends of $3,400. Required: Prepare the income statement for Driftwood Investments. Prepare the statement of stockholders equity for Driftwood Investments. Prepare the balance sheet for Driftwood Investments
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