GUWARA CORPORATION Income Statement For the Year Ended December 31, 2024 Service Revenue Expenses: Total Expenses $ SA 0 0

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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Guwara Corporation provides the following information at the end of 2024
Salaries payable to workers at the end of the year
Advertising expense for the year.
Building that has been purchased
Supplies at the end of the year
Retained earnings
Utilities expense for the year
Note payable to the bank
Service revenue performed 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, including $6,000 that was issued this year.
Cash remaining
Interest expense for the year
Accounts receivable from customers
Retained earnings at the beginning of the year
Required:
1. Prepare the income statement for the year ended December 31, 2024.
2. Prepare the statement of stockholders' equity for the year ended December 31, 2024
3. Prepare the balance sheet for the year ended December 31, 2024
$2,400
9,500
71,000
3,700
34,600
5,100
20,500
64,900
25,800
6,800
(2)
27,000
4,300
1,650
12,300
21,850
Transcribed Image Text:Guwara Corporation provides the following information at the end of 2024 Salaries payable to workers at the end of the year Advertising expense for the year. Building that has been purchased Supplies at the end of the year Retained earnings Utilities expense for the year Note payable to the bank Service revenue performed 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, including $6,000 that was issued this year. Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year Required: 1. Prepare the income statement for the year ended December 31, 2024. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2024 3. Prepare the balance sheet for the year ended December 31, 2024 $2,400 9,500 71,000 3,700 34,600 5,100 20,500 64,900 25,800 6,800 (2) 27,000 4,300 1,650 12,300 21,850
GUWARA CORPORATION
Income Statement
For the Year Ended December 31, 2024
Service Revenue
Expenses:
Total Expenses
699
$
0
0
Transcribed Image Text:GUWARA CORPORATION Income Statement For the Year Ended December 31, 2024 Service Revenue Expenses: Total Expenses 699 $ 0 0
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