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The December 31, 2024, account balances for Coyote Corporation are presented below. The balances have already been appropriately adjusted. Accounts Balance Cash $18,000 Accounts Receivable
The December 31, 2024, account balances for Coyote Corporation are presented below. The balances have already been appropriately adjusted.
Accounts | Balance |
---|---|
Cash | $18,000 |
Accounts Receivable | 180,000 |
Prepaid Rent | 6,000 |
Supplies | 36,000 |
Land | 295,000 |
Accounts Payable | 18,000 |
Salaries Payable | 17,000 |
Interest Payable | 5,000 |
Notes Payable (due in two years) | 46,000 |
Common Stock | 330,000 |
Retained Earnings | 72,000 |
Service Revenue | 530,000 |
Salaries Expense | 406,000 |
Rent Expense | 26,000 |
Utilities Expense | 46,000 |
Interest Expense | 5,000 |
Required:
Prepare an income statement for the year ended December 31, 2024.
Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024.
Prepare a classified balance sheet as of December 31, 2024
(fill in the tables and ignore the numbers there)
COYOTE CORPORATION Income Statement For the Year Ended December 31, 2024 Service Revenue Expenses: \begin{tabular}{|l|r|} \hline Salaries Expense & $406,000 \\ \hline Rent Expense & 26,000 \\ \hline Utilities Expense & 46,000 \\ \hline Interest Expense & 5,000 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|l|r|} \multicolumn{1}{|c|}{ Total expenses } & & 483,000 \\ \hline Net Income & & $47,000 \\ \hline \end{tabular} COYOTE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 COYOTE CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities
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