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, 2015
accounts debits credits
cash $ 16,000
accounts receivable 25,000
supplies 32,000
prepaid insurance 7,000
equipment 625,000
accumulated depreciation $ 200,000
accounts payable 31,000
salaries payable 28,000
utilities payable 5,000
notes payable (due in 5 years) 150,000
common stock 200,000
retained earnings 31,000
dividends 26,000
service revenue—new construction 450,000
service revenue—remodeling 280,000
salaries expense 160,000
supplies expense 285,000
depreciation expense 50,000
insurance expense 25,000
utilities expense 42,000
interest expense 9,000
service fee expense 73,000
totals $ 1,375,000 $ 1,375,000
required:
1.
prepare an income statement for the year ended december 31, 2015.
2.
prepare the statement of stockholders’ equity for the year ended december 31, 2015, note that during the year the company issued additional common stock for $30,000. 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, 2015. (amounts to be deducted should be indicated by a minus sign.)