Blue Lagoon Company provides the following information at the end of 2024. Cash remaining Rent expense for the year Land that has been purchased Retained earnings Utility expense for the year Accounts receivable from customers Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued prior to 2924 Salaries owed at the end of the year Insurance expense for the year Retained earnings at the beginning of the year No common stock is issued during 2024. $4,200 6,400 21,000 11,800 6,600 34,000 12,780 1,900 2,600 16,000 2,100 2,900 6,780 Required: 1. Prepare the income statement for Blue Lagoon Company on December 31, 2024. 2. Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 201 3. Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
Blue Lagoon Company provides the following information at the end of 2024. Cash remaining Rent expense for the year Land that has been purchased Retained earnings Utility expense for the year Accounts receivable from customers Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued prior to 2924 Salaries owed at the end of the year Insurance expense for the year Retained earnings at the beginning of the year No common stock is issued during 2024. $4,200 6,400 21,000 11,800 6,600 34,000 12,780 1,900 2,600 16,000 2,100 2,900 6,780 Required: 1. Prepare the income statement for Blue Lagoon Company on December 31, 2024. 2. Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 201 3. Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Blue Lagoon Company provides the following information at the end of 2024.
Cash remaining
Rent expense for the year
Land that has been purchased
Retained earnings
Utility expense for the year
Accounts receivable from customers
Service revenue recognized during the year
Salary expense for the year
Accounts payable to suppliers
Dividends paid to shareholders during the year
Common stock that has been issued prior to 2024
Salaries owed at the end of the year
Insurance expense for the year
Retained earnings at the beginning of the year
No common stock is issued during 2024.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2 Required 3
Prepare the income statement for Blue Lagoon Company on December 31, 2024.
BLUE LAGOON COMPANY
Income Statement
For the year ended December 31, 2024
Expenses:
$4,200
6,400
21,000
Total Expenses
11,800
4,300
6,600
34,000
Required:
1. Prepare the income statement for Blue Lagoon Company on December 31, 2024.
2. Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 202
3. Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
12,700
1,900
2,600
16,000
2,100
2,908
6,780](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b4fbf6e-8810-434c-ad0b-f7ea3ee043ec%2F212d2da7-2827-4cea-b733-503d25053d0a%2F4mj4dqk_processed.png&w=3840&q=75)
Transcribed Image Text:Blue Lagoon Company provides the following information at the end of 2024.
Cash remaining
Rent expense for the year
Land that has been purchased
Retained earnings
Utility expense for the year
Accounts receivable from customers
Service revenue recognized during the year
Salary expense for the year
Accounts payable to suppliers
Dividends paid to shareholders during the year
Common stock that has been issued prior to 2024
Salaries owed at the end of the year
Insurance expense for the year
Retained earnings at the beginning of the year
No common stock is issued during 2024.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2 Required 3
Prepare the income statement for Blue Lagoon Company on December 31, 2024.
BLUE LAGOON COMPANY
Income Statement
For the year ended December 31, 2024
Expenses:
$4,200
6,400
21,000
Total Expenses
11,800
4,300
6,600
34,000
Required:
1. Prepare the income statement for Blue Lagoon Company on December 31, 2024.
2. Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 202
3. Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
12,700
1,900
2,600
16,000
2,100
2,908
6,780
![Required 1 Required 2
Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 2024.
BLUE LAGOON COMPANY
Statement of Stockholders' Equity
For the year ended Dec. 31, 2024
Beginning Balance
Issuance of common stock
Ending Balance
Required 1 Required 2
Required 3
Total Assets
Common
Stock
Required 3
Assets
Retained
Earnings
Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
BLUE LAGOON COMPANY
Balance Sheet
December 31, 2024
Total
Stockholders'
Equity
Total Liabilities
Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b4fbf6e-8810-434c-ad0b-f7ea3ee043ec%2F212d2da7-2827-4cea-b733-503d25053d0a%2Fiqaliwu_processed.png&w=3840&q=75)
Transcribed Image Text:Required 1 Required 2
Prepare the statement of stockholders' equity for Blue Lagoon Company on December 31, 2024.
BLUE LAGOON COMPANY
Statement of Stockholders' Equity
For the year ended Dec. 31, 2024
Beginning Balance
Issuance of common stock
Ending Balance
Required 1 Required 2
Required 3
Total Assets
Common
Stock
Required 3
Assets
Retained
Earnings
Prepare the balance sheet for Blue Lagoon Company on December 31, 2024.
BLUE LAGOON COMPANY
Balance Sheet
December 31, 2024
Total
Stockholders'
Equity
Total Liabilities
Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
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