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Stone Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense $33,200 Service revenue $126,100 Buildings 147,000 Interest expense 3,200 Salaries expense 64,800 Utilities expense 15,200 Accounts payable 6,100 Equipment 25,500 Cash 5,200 Notes payable 28,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $17,300 at the beginning of the year and paid dividends of $4,900. Required: Prepare the income statement for Stone Investments. Prepare the statement of stockholders' equity for Stone Investments. Prepare the balance sheet for Stone Investments.

Stone Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense $33,200 Service revenue $126,100 Buildings 147,000 Interest expense 3,200 Salaries expense 64,800 Utilities expense 15,200 Accounts payable 6,100 Equipment 25,500 Cash 5,200 Notes payable 28,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $17,300 at the beginning of the year and paid dividends of $4,900. Required: Prepare the income statement for Stone Investments. Prepare the statement of stockholders' equity for Stone Investments. Prepare the balance sheet for Stone Investments.

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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Stone Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense $33,200 Service revenue $126,100 Buildings 147,000 Interest expense 3,200 Salaries expense 64,800 Utilities expense 15,200 Accounts payable 6,100 Equipment 25,500 Cash 5,200 Notes payable 28,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $17,300 at the beginning of the year and paid dividends of $4,900. Required: Prepare the income statement for Stone Investments. Prepare the statement of stockholders' equity for Stone Investments. Prepare the balance sheet for Stone Investments.
Transcribed Image Text:Stone Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense $33,200 Service revenue $126,100 Buildings 147,000 Interest expense 3,200 Salaries expense 64,800 Utilities expense 15,200 Accounts payable 6,100 Equipment 25,500 Cash 5,200 Notes payable 28,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $17,300 at the beginning of the year and paid dividends of $4,900. Required: Prepare the income statement for Stone Investments. Prepare the statement of stockholders' equity for Stone Investments. Prepare the balance sheet for Stone Investments.
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