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 UNLIMITEDAdjusted Trial Balance December 31, 2021Accounts Debits CreditsCash $ 16,000Accounts Receivable 25,000Supplies 32,000Prepaid Insurance 7,000Equipment 625,000Accumulated Depreciation $ 200,000Accounts Payable 31,000Salaries Payable 28,000Utilities Payable 5,000Notes Payable (due in 5 years) 150,000Common Stock 200,000Retained Earnings 31,000Dividends 26,000Service Revenue—newconstruction 450,000Service Revenue—remodeling 280,000Salaries Expense 160,000Supplies Expense 285,000Depreciation Expense 50,000Insurance Expense 25,000Utilities Expense 42,000Interest Expense 9,000Service Fee Expense 73,000Totals $1,375,000 $1,375,000Required: Prepare an income statement, statement of stockholders’ equity, and classified balance sheet. In preparing the statement of stockholders’ equity, note that during the year the company issued additional common stock for $30,000. This amount is included in the amount for Common Stock in the adjusted trial balance.
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
BOILERMAKER UNLIMITED
Adjusted Trial Balance December 31, 2021
Accounts Debits Credits
Cash $ 16,000
Accounts Receivable 25,000
Supplies 32,000
Prepaid Insurance 7,000
Equipment 625,000
Accumulated
Accounts Payable 31,000
Salaries Payable 28,000
Utilities Payable 5,000
Notes Payable (due in 5 years) 150,000
Common Stock 200,000
Retained Earnings 31,000
Dividends 26,000
Service Revenue—new
construction 450,000
Service Revenue—remodeling 280,000
Salaries Expense 160,000
Supplies Expense 285,000
Depreciation Expense 50,000
Insurance Expense 25,000
Utilities Expense 42,000
Interest Expense 9,000
Service Fee Expense 73,000
Totals $1,375,000 $1,375,000
Required:
Prepare an income statement, statement of
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