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The December 31, 2024, adjusted trial balance for Badger Corporation is presented below.   Accounts Debit Credit Cash $14,000   Accounts Receivable 155,000   Prepaid Rent 5,000   Supplies 31,000   Land 270,000   Accounts Payable   $13,000 Salaries Payable   12,000 Interest Payable   5,000 Notes Payable (due in two years)   41,000 Common Stock   305,000 Retained Earnings   62,000 Service Revenue   505,000 Salaries Expense 401,000   Rent Expense 21,000   Utilities Expense 41,000   Interest Expense 5,000   Totals $943,000 $943,000 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.

The December 31, 2024, adjusted trial balance for Badger Corporation is presented below.   Accounts Debit Credit Cash $14,000   Accounts Receivable 155,000   Prepaid Rent 5,000   Supplies 31,000   Land 270,000   Accounts Payable   $13,000 Salaries Payable   12,000 Interest Payable   5,000 Notes Payable (due in two years)   41,000 Common Stock   305,000 Retained Earnings   62,000 Service Revenue   505,000 Salaries Expense 401,000   Rent Expense 21,000   Utilities Expense 41,000   Interest Expense 5,000   Totals $943,000 $943,000 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.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 22E
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The December 31, 2024, adjusted trial balance for Badger Corporation is presented below.

 

Accounts Debit Credit
Cash $14,000  
Accounts Receivable 155,000  
Prepaid Rent 5,000  
Supplies 31,000  
Land 270,000  
Accounts Payable   $13,000
Salaries Payable   12,000
Interest Payable   5,000
Notes Payable (due in two years)   41,000
Common Stock   305,000
Retained Earnings   62,000
Service Revenue   505,000
Salaries Expense 401,000  
Rent Expense 21,000  
Utilities Expense 41,000  
Interest Expense 5,000  
Totals $943,000 $943,000


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.

 

Stmt of Income Stockholders Balance Sheet Statement Equity Prepare an income statement for the year ended December 31, 2024. BADGER CORPORATION Income Statement For the Year Ended December 31, 2024 Expenses: Utilities Expense $ 41,000 Interest Expense 5,000 Rent Expense 21,000 Salaries Expense 401,000 Total expenses 468,000 Income Statement Stmt of Stockholders Equity >
Transcribed Image Text:Stmt of Income Stockholders Balance Sheet Statement Equity Prepare an income statement for the year ended December 31, 2024. BADGER CORPORATION Income Statement For the Year Ended December 31, 2024 Expenses: Utilities Expense $ 41,000 Interest Expense 5,000 Rent Expense 21,000 Salaries Expense 401,000 Total expenses 468,000 Income Statement Stmt of Stockholders Equity >
Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Income Statement Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. BADGER CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Total Common Retained Stockholders' Stock Earnings Equity Balance at January 1 Balance at December 31 Income Statement Balance Sheet >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Income Statement Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. BADGER CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Total Common Retained Stockholders' Stock Earnings Equity Balance at January 1 Balance at December 31 Income Statement Balance Sheet >
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