Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Orange Designs. Accounts Debits Credits Cash $ 4,300 Accounts Receivable 3,300 Supplies 1,300 Prepaid Rent 5,300 Buildings 103,000 Accumulated Depreciation $ 20,300 Accounts Payable 2,300 Salaries Payable 3,300 Utilities Payable 1,200 Notes Payable (due in four years) 13,000 Common Stock 43,000 Retained Earnings 14,300 Service Revenues 116,900 Salaries Expense 41,300 Rent Expense 17,300 Depreciation Expense 6,300 Supplies Expense 7,300 Advertising Expense 12,300 Utilities Expense 11,300 Interest Expense 1,300 Totals $ 214,300 $ 214,300 Required: Prepare an income statement for the year ended December 31, 2021. Prepare the statement of stockholders’ equity, note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. Prepare the classified balance sheet for the year ended December 31, 2021.
Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Orange Designs. Accounts Debits Credits Cash $ 4,300 Accounts Receivable 3,300 Supplies 1,300 Prepaid Rent 5,300 Buildings 103,000 Accumulated Depreciation $ 20,300 Accounts Payable 2,300 Salaries Payable 3,300 Utilities Payable 1,200 Notes Payable (due in four years) 13,000 Common Stock 43,000 Retained Earnings 14,300 Service Revenues 116,900 Salaries Expense 41,300 Rent Expense 17,300 Depreciation Expense 6,300 Supplies Expense 7,300 Advertising Expense 12,300 Utilities Expense 11,300 Interest Expense 1,300 Totals $ 214,300 $ 214,300 Required: Prepare an income statement for the year ended December 31, 2021. Prepare the statement of stockholders’ equity, note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. Prepare the classified balance sheet for the year ended December 31, 2021.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.2: Preparing A Statement Of Stockholders’ Equity
Problem 1OYO
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Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted
Accounts | Debits | Credits | |||||
Cash | $ | 4,300 | |||||
|
3,300 | ||||||
Supplies | 1,300 | ||||||
Prepaid Rent | 5,300 | ||||||
Buildings | 103,000 | ||||||
Accumulated |
$ | 20,300 | |||||
Accounts Payable | 2,300 | ||||||
Salaries Payable | 3,300 | ||||||
Utilities Payable | 1,200 | ||||||
Notes Payable (due in four years) | 13,000 | ||||||
Common Stock | 43,000 | ||||||
|
14,300 | ||||||
Service Revenues | 116,900 | ||||||
Salaries Expense | 41,300 | ||||||
Rent Expense | 17,300 | ||||||
Depreciation Expense | 6,300 | ||||||
Supplies Expense | 7,300 | ||||||
Advertising Expense | 12,300 | ||||||
Utilities Expense | 11,300 | ||||||
Interest Expense | 1,300 | ||||||
Totals | $ | 214,300 | $ | 214,300 |
Required:
- Prepare an income statement for the year ended December 31, 2021.
- Prepare the statement of
stockholders’ equity , note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. - Prepare the classified
balance sheet for the year ended December 31, 2021.
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