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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 $ 15,200 Accounts Receivable 24,200 Supplies 31,200 Prepaid Insurance 6,200 Equipment 525,000 Accumulated Depreciation $ 168,000 Accounts Payable 30,200 Salaries Payable 27,200 Utilities Payable 4,200 Notes Payable (due in 5 years) 120,000 Common Stock 160.000 Retained Earnings 0.000 Dividends 25,200 Service Revenue-new construction Service Revenue-remodeling 256.000 Salaries Expense 152,000 277.000 Supplies Expense Depreciation Expense 43.000 Insurance Expense 41,200 utilities Expense 7.200 Interest Expense 5. Service Fee Expense $1,235,600 31.235.60 Totals 24,200 Required 1 Required 2 Required 3 Prepare an income statement for the year ended December 31, 2021. BOILERMAKER UNLIMITED Income Statement For the Year Ended December 31, 2021 Service Revenues: Service Revenue - New Construction $ 410,000 Service Revenue - Remodeling 256,000 $ 666,000 $ 5 Total Revenues Expenses: Salaries Expense Supplies Expense Depreciation Expense Insurance Expense Utilities Expense Interest Expense Service Fee Expense 152,000 277,000 42,000 24,200 41,200 7,200 65,000 Total Expenses 608,600 Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for the year ended December 31, 2021, ne issued additional common stock for $22,000. This amount is included in the amount for balance. BOILERMAKER UNLIMITED Statement of Stockholders' Equity For the Year Ended December 31, 2021 Total Common Retained Stockholders Stock Earnings Equity Balance at January 1 $ 132,000 $ 81,000 $ 211,000 Issuance of Common Stock 22,000 Add: Net Income 55,200 55,200 Less: Dividends (26,100) (26,100) Balance at December 31 $ 156,000 $ 99,600 $ 233,600 Required 1 Required 2 Required 3 Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be a minus sign.) BOILERMAKER UNLIMITED Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets 0 0 Total Current Liabilities Long-term Liabilities: -5 Long-term Assets: $ 0 Total Liabilities Stockholder's Equity 0 Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ s 0

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