Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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S1.
Account

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

Transcribed Image Text:Income
Statement
Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common
during 2024.
Balance at January 1
Stmt of
Stockholders Balance Sheet
Equity
Balance at December 31
Current assets
Show Transcribed Text
Total current assets
Long-term assets
Total long-term assets
Total assets
OSTRICH CORPORATION
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
Assets
Common
Stock
OSTRICH CORPORATION
Balance Sheet
December 31, 2024
Retained
Earnings
Current liabilities
Total current liabilities
Long-term liabilities
Total liabilities
Total
Stockholders'
Equity
Liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
Expert Solution
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