Blue Lagoon Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the
company reports the following amounts:
Cash
$1,200
Service revenue
Equipment
26,000
Salaries expense
Accounts payable
3,800
Buildings
Delivery expense
2,000
Supplies
Rent expense
4,900
Salaries payable
$64,700
52,800
34,000
2,800
700
In addition, the company had common stock of $34,000 at the beginning of the year and issued an additional $3,400 during the year.
The company also had retained earnings of $17,100 at the beginning of the year.
Required:
1. Prepare the income statement for Blue Lagoon Corporation.
2. Prepare the statement of stockholders' equity for Blue Lagoon Corporation.
3. Prepare the balance sheet for Blue Lagoon Corporation.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Prepare the income statement for Blue Lagoon Corporation.
BLUE LAGOON CORPORATION
Income Statement
For the year ended December 31, 2024
Expenses:
Total expenses
