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me December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Credit Debit $28,000 230,000 6,000 46,000 345,000 Accounts Cash Accounts Receivable. Prepaid Rent Supplies Land Accounts Payable

me December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Credit Debit $28,000 230,000 6,000 46,000 345,000 Accounts Cash Accounts Receivable. Prepaid Rent Supplies Land Accounts Payable

FINANCIAL ACCOUNTING
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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The December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Credit Debit $28,000 230,000 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 6,000 46,000 345,000 416,000 36,000 56,000 7,000 $1,170,000 $28,000 27,000 7,000 56,000 380,000 92,000 580,000 $1,170,000 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.
Transcribed Image Text:The December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Credit Debit $28,000 230,000 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 6,000 46,000 345,000 416,000 36,000 56,000 7,000 $1,170,000 $28,000 27,000 7,000 56,000 380,000 92,000 580,000 $1,170,000 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.
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