Question 4 . The December 31, 2024, adjusted trial balance for Ostrich Corporation is presented below.

Required:

1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. 3. Prepare a classified balance sheet as of December 31, 2024.

• Income Statement
• Stmt of Stockholders Equity
• Balance Sheet

Question 5 Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier.

Please answer question 4 and 5 with explanation of how to do it . Thanks

The December 31, 2024, adjusted trial balance for Ostrich Corporation is presented below. 4 Accounts Credit Cash Debit $22,000 190,000 4,000 38,000 305,000 15 points eBook Accounts Receivable Prepaid Rent Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Utilities Expense Interest Expense Totals $20,000 19,000 4,000 48,000 340,000 76,000 540,000 References 408,000 28,000 48,000 4,000 $1,047,000 $1,047,000 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. 3. Prepare a classified balance sheet as of December 31, 2024. Complete this question by entering your answers in the tabs below. Income Stmt of Charlhaldare Balanra Chant Complete this question by entering your answers in the tabs below. 4 Income Statement Stmt of Stockholders Balance Sheet Equity Prepare an income statement for the year ended December 31, 2024. 15 points OSTRICH CORPORATION Income Statement For the Year Ended December 31, 2024 eBook References Expenses: Total expenses 0 Income Statement Stmt of Stockholders Equity > Complete this question by entering your answers in the tabs below. 4 Income Statement Stmt of Stockholders Balance Sheet Equity 15 points Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. eBook OSTRICH CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 References Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Balance at December 31 Income Statement Balance Sheet Complete this question by entering your answers in the tabs below. 4 Income Statement Stmt of Stockholders Balance Sheet Equity 15 points Prepare a classified balance sheet as of December 31, 2024. OSTRICH CORPORATION Balance Sheet eBook December 31, 2024 References Assets Liabilities Current assets: Current liabilities: Total current assets 0 0 1 Total current liabilities Long-term liabilities: Total liabilities 0 Long-term assets: Stockholders' Equity 5 Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) 15 points eBook Year References VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) Net Income Retained Net Income Retained (Loss) Earnings (Loss) Earnings $ 0 $ $ 0 0 $ 34 $ 10 29 29 (44) (6) 62 40 62 2015 2016 2017 2018 2019 2020 2021 134 101 29 134 (43) 2022 73 (132) ) 576 358 359 2023 109 2024 161