Problem 3-5A Prepare financial statements from an adjusted trial balance when net income is positive (LO3-5)

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, 2018
Accounts	Debits			Credits
Cash	$	15,600
Accounts Receivable		24,600
Supplies		31,600
Prepaid Insurance		6,600
Equipment		575,000
Accumulated Depreciation				$	184,000
Accounts Payable					30,600
Salaries Payable					27,600
Utilities Payable					4,600
Notes Payable (due in 5 years)					110,000
Common Stock					180,000
Retained Earnings					69,000
Dividends		25,600
Service Revenuenew construction					430,000
Service Revenueremodeling					268,000
Salaries Expense		156,000
Supplies Expense		281,000
Depreciation Expense		46,000
Insurance Expense		24,600
Utilities Expense		41,600
Interest Expense		6,600
Service Fee Expense		69,000
Totals	$	1,303,800		$	1,303,800

Required:

1. Prepare an income statement for the year ended December 31, 2018.

2. Prepare the statement of stockholders equity for the year ended December 31, 2018, note that during the year the company issued additional common stock for $26,000. 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, 2018. (Amounts to be deducted should be indicated by a minus sign.)

:)