The December 31, 2024, adjusted trial balance for Ostrich Corporation is presented below. Debit $32,000 250,000 6,000 Cash Accounts Receivable Prepaid Rent Supplies Land Accounts Payable. Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Accounts Utilities Expense Interest Expense Totals Show Transcribed Text Income Statement Expenses: J 50,000 365,000 Total expenses 420,000 40,000 60,000 7,000 $1,230,000 Show Transcribed Text Ć 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. 3. Prepare a classified balance sheet as of December 31, 2024. 3 Credit $32,000 31,000 7,000 60,000 400,000 100,000 600,000 $1,230,000 Stmt of Stockholders Balance Sheet Equity Ć Prepare an income statement for the year ended December 31, 2024. OSTRICH CORPORATION Income Statement For the Year Ended December 31, 2024 D

The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $156,000   0.5% 31 – 60 days outstanding   65,400   2.5% 61 – 90 days outstanding   40,000   4.0% 91 – 120 days outstanding   20,800   6.5% Over 120 days outstanding   5,100   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit             (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts                                                 Debit             CreditCash                                                       $ 11,200Accounts Receivable                                34,000Allowance for Uncollectible Accounts                           $ 1,800Inventory                                                152,000Land                                                         67,300Buildings                                                120,000Accumulated Depreciation                                              9,600Accounts Payable                                                           17,700Common Stock                                                              200,000Retained Earnings                                                          155,400Totals                                                      $384,500       $384,500During January 2021, the…

The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $154,000   0.5% 31 – 60 days outstanding   63,200   2.5% 61 – 90 days outstanding   39,100   4.0% 91 – 120 days outstanding   21,600   6.5% Over 120 days outstanding   5,300   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit             (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…