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Orange Designs provides consulting services related to home decoration Orange Designs provides customers with recommendations for a full range of home decor, including window treatments,

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Orange Designs provides consulting services related to home decoration Orange Designs provides customers with recommendations for a full range of home decor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Orange Designs ORANGE DESIGNS Adjusted Trial Balance December 31, 2021 Accounts Debits Credits Cash $ 6,000 Accounts Receivable 5,000 Supplies 3.000 Prepaid Rent 7.000 Buildings 120,000 Accumulated Depreciation $ 22,000 Accounts Payable 4.000 Salaries Payable 5.000 Utilities Payable 1. 100 Notes Payable (due in four years) 30,000 Connon Stock 60,000 Retained Earnings 16,000 Service Revenues 111, 900 Salaries Expense 43,000 Rent Expense 19.00 Depreciation Expense 8.000 Supplies Expense 9.00 Advertising Expense 14,000 e Evance Prey 2 of 4 !!! Next > Check my vepreciation expense Supplies Expense Advertising Expense Utilities Expense Interest Expense Totals 9,000 14,000 13,000 3.000 $250,000 $250,00 Required: 1. Prepare an income statement for the year ended December 31, 2021. 2. Prepare the statement of stockholders' equity, note that during the year the company issued additional common stock of $11,000 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 ORANGE DESIGNS Income Statement For the Year Ended December 31, 2021 Expenses Total Expenses 0 Required2 Prepare the statement of stockholders' equity, note that during the year the company issued additional common stock of $11,000. This amount is included in the amount for Common Stock in the adjusted trial balance. ORANGE DESIGNS Statement of Stockholders' Equity For the Year Ended December 31, 2021 Total Retained Stockholders Stock Earnings Equity Balance at January 1 Issuance of Common Stock Add: Net Income Common Balance at December 31 December 31, 2021 Assets Liabilities Current Assets Current Liabilities: 0 Total Current Assets Long-term Assets: 0 Total Current Liabilities Long-term Liabilities: 0 Total Liabilities Stockholder's Equity 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 $ $ Total Assets

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