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, 2018 (concluded)
Accounts
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Utilities Payable
Notes Payable (due in 5 years)
Common Stock
Retained Earnings
Dividends
Service Revenue-new construction
Service Revenue-remodeling
Salaries Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Utilities Expense
Interest Expense
Service Fee Expense
Totals
Debits
$16,000
25,000
32,000
7,000
625,000
26,000
160,000
285,000
50,000
25,000
42,000
9,000
73,000
$1,375,000
Credits
$200,000
31,000
28,000
5,000
150,000
200,000
31,000
450,000
280,000
_____
$1,375,000
Prepare an income statement, statement of stockholders' equity, and classified balance sheet. In preparing the statement of stockholders' equity, 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.
