E3-16 The December 31, 2024, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash 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 Debit $12.000 150,000 6,000 30,000 265,000 400,000 20,000 40,000 5,000 $928,000 Credit $ 12,000 11,000 5,000 40,000 300,000 60,000 500,000 $928,000 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.

E3-16 The December 31, 2024, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash 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 Debit $12.000 150,000 6,000 30,000 265,000 400,000 20,000 40,000 5,000 $928,000 Credit $ 12,000 11,000 5,000 40,000 300,000 60,000 500,000 $928,000 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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