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L Construction Unlimited specializes in building new homes and remodeling existing homes. Remodel projects include adding game rooms, changing kitchen cabinets and countertops, and updating
L Construction Unlimited specializes in building new homes and remodeling existing homes. Remodel projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Construction Unlimited. Construction Unlimited Adjusted Trial Balance December 31, 2010 Debits 15,000 24,000 31,000 6,000 500,000 Credits Account Title Cash Accounts receivable Construction supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (due in five years) Common stock Retained earnings Dividends New construction revenue Remodel revenue Salaries expense Construction supplies expense Depreciation expense Insurance expense Utilities expense Interest expense Contractor fee expense Totals 25.000 160,000 30,000 27,000 4,000 100,000 150,000 79,000 400,000 250.000 150.000 275.000 40.000 24,000 41.000 6.000 63.000 1,200,000 1,200.000 Required: Prepare an income statement, statement of RETAINED CARNetS, and balance sheet. In preparing the statement of stockholders' equity, note that
L
Construction Unlimited specializes in building new homes and
remodeling existing homes. Remodel projects include adding game rooms,
changing kitchen cabinets and countertops, and updating bathrooms. Below is
the year-end adjusted trial balance of Construction Unlimited.
Construction Unlimited
Adjusted Trial Balance
December 31, 2010
Debits
15,000
24,000
31,000
6,000
500,000
Credits
Account Title
Cash
Accounts receivable
Construction supplies
Prepaid insurance
Equipment
Accumulated depreciation
Accounts payable
Salaries payable
Notes payable (due in five years)
Common stock
Retained earnings
Dividends
New construction revenue
Remodel revenue
Salaries expense
Construction supplies expense
Depreciation expense
Insurance expense
Utilities expense
Interest expense
Contractor fee expense
Totals
25.000
160,000
30,000
27,000
4,000
100,000
150,000
79,000
400,000
250.000
150.000
275.000
40.000
24,000
41.000
6.000
63.000
1,200,000
1,200.000
Required:
Prepare an income statement, statement of RETAINED CARNetS, and
balance sheet. In preparing the statement of stockholders' equity, note that
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