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Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs.   VIOLET DESIGNS Adjusted Trial Balance December 31, 2024 Accounts Debits Credits Cash $  4,900   Accounts Receivable 3,900   Supplies 1,900   Prepaid Rent 5,900   Buildings 109,000   Accumulated Depreciation   $  20,900 Accounts Payable   2,900 Salaries Payable   3,900 Utilities Payable   1,200 Notes Payable (due in four years)   19,000 Common Stock   49,000 Retained Earnings   14,900 Service Revenues   115,100 Salaries Expense 41,900   Rent Expense 17,900   Depreciation Expense 6,900   Supplies Expense 7,900   Advertising Expense 12,900   Utilities Expense 11,900   Interest Expense 1,900   Totals $ 226,900 $ 226,900   Required: Prepare an income statement for the year ended December 31, 2024. Prepare the statement of stockholders’ equity, note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. Prepare the classified balance sheet for the year ended December 31, 2024.

Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs.   VIOLET DESIGNS Adjusted Trial Balance December 31, 2024 Accounts Debits Credits Cash $  4,900   Accounts Receivable 3,900   Supplies 1,900   Prepaid Rent 5,900   Buildings 109,000   Accumulated Depreciation   $  20,900 Accounts Payable   2,900 Salaries Payable   3,900 Utilities Payable   1,200 Notes Payable (due in four years)   19,000 Common Stock   49,000 Retained Earnings   14,900 Service Revenues   115,100 Salaries Expense 41,900   Rent Expense 17,900   Depreciation Expense 6,900   Supplies Expense 7,900   Advertising Expense 12,900   Utilities Expense 11,900   Interest Expense 1,900   Totals $ 226,900 $ 226,900   Required: Prepare an income statement for the year ended December 31, 2024. Prepare the statement of stockholders’ equity, note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. Prepare the classified balance sheet for the year ended December 31, 2024.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs.

 

VIOLET DESIGNS
Adjusted Trial Balance
December 31, 2024
Accounts Debits Credits
Cash $  4,900  
Accounts Receivable 3,900  
Supplies 1,900  
Prepaid Rent 5,900  
Buildings 109,000  
Accumulated Depreciation   $  20,900
Accounts Payable   2,900
Salaries Payable   3,900
Utilities Payable   1,200
Notes Payable (due in four years)   19,000
Common Stock   49,000
Retained Earnings   14,900
Service Revenues   115,100
Salaries Expense 41,900  
Rent Expense 17,900  
Depreciation Expense 6,900  
Supplies Expense 7,900  
Advertising Expense 12,900  
Utilities Expense 11,900  
Interest Expense 1,900  
Totals $ 226,900 $ 226,900

 

Required:

  1. Prepare an income statement for the year ended December 31, 2024.
  2. Prepare the statement of stockholders’ equity, note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance.
  3. Prepare the classified balance sheet for the year ended December 31, 2024.

 

 
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Transcribed Image Text:M Inbox (15,47 x Google One X M Inbox (15,47 X Activity Stre X + ✰ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Ftamusa.blackboard.com... Q (304) Mukhtar Nam... fäbgirall roliell (77) S [4/4] Movie - Ashab... 109 Fredonia St, Sa... Auver Casing capense Utilities Expense Interest Expense Totals Home - tam X Required 1 Required 2 Required 3 Complete this question by entering your answers in the tabs below. Question 7 X G Hoya Corp X 142 Sargent St, San... 12, 200 11,900 1,900 $ 226,900 Prepare an income statement for the year ended December 31, 2024. VIOLET DESIGNS Income Statement For the Year Ended December 31, 2024 et Type here to search & Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare the statement of stockholders' equity, note that during the year the company issued additional common stock of $12,000. This amount is included in the amount for Common Stock in the adjusted trial balance. 3. Prepare the classified balance sheet for the year ended December 31, 2024. ☀ 142 Sargent St, San... $ 226,900 Success Co X Desktop >> 1548 N Center St, S... □ 57°F Clear * 8:35 PM 2/5/2023 X h : Â 22
M Inbox (15,47 x Google One X M Inbox (15,47 X ■ Accounts Cash Accounts Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Activity Stre X + ✰ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Ftamusa.blackboard.com... Q (304) Mukhtar Nam... 109 Fredonia St, Sa... Required: (77) العناصر المحفوظة f Notes Payable (due in four years) Common Stock Retained Earnings Service Revenues Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Utilities Expense Interest Expense Totals Home - tam X [4/4] Movie - Ashab... Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs. VIOLET DESIGNS Adjusted Trial Balance December 31, 2024 Debits $ 4,900 3,900 1,900 5,900 109,000 41,900 17,900 6,900 7,900 12,900 11,900 1,900 $ 226,900 1. Prepare an income statement for the year ended December 31. 2024. Type here to search Et Credits Question 7 X $ 20,900 2,900 3,900 1,200 19,000 49,000 14,900 115,100 226,900 142 Sargent St, San... Hoya Corpc X ☀ Success Co X 142 Sargent St, San... Desktop >> 1548 N Center St, S... 57°F Clear □ x 8:34 PM 2/5/2023 h : Check my work 22
Transcribed Image Text:M Inbox (15,47 x Google One X M Inbox (15,47 X ■ Accounts Cash Accounts Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Activity Stre X + ✰ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Ftamusa.blackboard.com... Q (304) Mukhtar Nam... 109 Fredonia St, Sa... Required: (77) العناصر المحفوظة f Notes Payable (due in four years) Common Stock Retained Earnings Service Revenues Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Utilities Expense Interest Expense Totals Home - tam X [4/4] Movie - Ashab... Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs. VIOLET DESIGNS Adjusted Trial Balance December 31, 2024 Debits $ 4,900 3,900 1,900 5,900 109,000 41,900 17,900 6,900 7,900 12,900 11,900 1,900 $ 226,900 1. Prepare an income statement for the year ended December 31. 2024. Type here to search Et Credits Question 7 X $ 20,900 2,900 3,900 1,200 19,000 49,000 14,900 115,100 226,900 142 Sargent St, San... Hoya Corpc X ☀ Success Co X 142 Sargent St, San... Desktop >> 1548 N Center St, S... 57°F Clear □ x 8:34 PM 2/5/2023 h : Check my work 22
Expert Solution
Step 1

The income statement, balance sheet and statement of shareholders' equity are the important financial statements of the business. The financial statements are prepared using the adjusted trial balance of the business. The balance sheet represents the financial position of the business with assets and liabilities at the end of the accounting period.

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