Reference no: EM132497112

Question - 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 UNLIMITED Adjusted Trial Balance December 31, 2021

Accounts Debits Credits

Cash $14,000

Accounts Receivable 26,000

Supplies 33,000

Prepaid Insurance 5,000

Equipment 375,000

Accumulated Depreciation $120,000

Accounts Payable 29,000

Salaries Payable 26,000

Utilities Payable 3,000

Notes Payable (due in 5 years) 120,000

Common Stock 100,000

Retained Earnings 47,200

Dividends 24,000

Service Revenue-new construction 350,000

Service Revenue-remodeling 240,000

Salaries Expense 140,000

Supplies Expense 265,000

Depreciation Expense 30,000

Insurance Expense 23,000

Utilities Expense 40,000

Interest Expense 7,200

Service Fee Expense 53,000

Totals $1,035,200 $1,035,200

Required -

1. Prepare income statement for the year ended December 31, 2021.

2. Prepare the statement of stockholders' equity for the year ended December 31, 2021, note that during the year the company issued additional common stock for $10,000. This amount is included in the amount for Common Stock in the adjusted trial balance.

3. Prepare the classified balance sheet for the year ended December 31, 2021.