Lilac Designs provides consulting services related to home decoration. Lilac Designs provides customers with recommendat

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Lilac Designs Provides Consulting Services Related To Home Decoration Lilac Designs Provides Customers With Recommendat 1 (34.01 KiB) Viewed 55 times

Lilac Designs Provides Consulting Services Related To Home Decoration Lilac Designs Provides Customers With Recommendat 2 (34.27 KiB) Viewed 55 times

Lilac Designs Provides Consulting Services Related To Home Decoration Lilac Designs Provides Customers With Recommendat 3 (29.04 KiB) Viewed 55 times

Lilac Designs Provides Consulting Services Related To Home Decoration Lilac Designs Provides Customers With Recommendat 4 (46.65 KiB) Viewed 55 times

Lilac Designs provides consulting services related to home decoration. Lilac 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 Lilac Designs. Accounts Cash Accounts Receivable: Supplies Prepaid Rent Buildings Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable LILAC DESIGNS Adjusted Trial Balance. December 31, 2024 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 Debits $ 4,700 3,700 1,700 5,700 107,000 41,700 17,700 6,700 7,700 12,700 11,700 1,700 $ 222,700 Credits $ 20,700 2,700 3,700 1,100 17,000 47,000 14,700 115,800 $ 222,700 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 $11,000. 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

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year ended December 31, 2024. LILAC DESIGNS Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses <Required 1 Required 2 >

Book O ferences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for the year ended December 31, 2024. LILAC DESIGNS Statement of Stockholders' Equity For the Year Ended December 31, 2024 Balance at January 1 Issuance of common stock Balance at December 31 Common Stock Retained Earnings < Required 1 Total Stockholders Equity Required 3 >

Required 1 Required 2 Required 3 Prepare the classified balance sheet for the year ended December 31, 2024. (Enter amounts to be deducted with a minus sign.) LILAC DESIGNS Balance Sheet December 31, 2024 Current Assets. Total Current Assets Long-term Assets: Total Assets Assets Current Liabilities: Total Current Liabilities Long-term Liabilities: Total Liabilities < Required 2 Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Required 3