Stone Investments provides financial services related to Investment selections, retirement planning, and general Insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $32,900 144,000 64,500 5,800 4,900 Service revenue Interest expense Utilities expense Equipment Notes payable $124,600 2,900 14,900 24,000 27,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $24,300 at the beginning of the year and paid dividends of $4,600. Required: 1. Prepare the income statement for Stone Investments. 2. Prepare the statement of stockholders' equity for Stone Investments. 3. Prepare the balance sheet for Stone Investments.

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A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

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