On December 31, 2024, Paula Cooking Services reports the following revenues and expenses.
Service revenue
Postage expense
$ 81,000 Rent expense
Salaries expense
Supplies expense
1,800
2,700
$ 11, 200
30,000
17,500
Legal fees expense
In addition, the balance of common stock at the beginning of the year was $500,000, and the balance of retained earnings was
$44,000. During the year, the company issued additional shares of common stock for $31,000 and paid dividends of $22,000.
Required:
1. Prepare an income statement.
2. Prepare a statement of stockholders' equity.
Complete this question by entering your answers in the tabs below.
Stmt of
Stockholders
Equity
Prepare an Income Statement.
Income
Statement
Expenses:
PAULA COOKING SERVICES
Income Statement
For the Year Ended December 31, 2024
