Prepare the income statement for stone investments


Problem: 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 $31,500 130,000 63,100 4,408 3,500 Service revenue Interest expense Utilities expense Equipment Notes payable $117,600 1,500 13,500 17,000 20,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $12,000 during the year. The company also had retained earnings of $9,300 at the beginning of the year and paid dividends of $3,200. 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. Complete this question by entering your answers in the tabs below.

 

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Accounting Basics: Prepare the income statement for stone investments
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