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A company provides the following account balances at year end (except for Retained Earnings, which is the beginning balance). The CFO has asked you to use this information to prepare an income statement and balance sheet. Expenses: Advertising expense $ 15,000 Assets: Cash $ 32,000 Insurance expense 24,000 Accounts receivable 29,000 Salaries expense 68,000 Supplies 16,000 Rent expense 8,000 Land 75,000 Liabilities: Salaries payable 12,000 Revenues: Service revenue 134, 000 Notes payable 30,000 Interest revenue 9,000 Dividends: Dividends 7,000 Equity: Common stock 62,000 Retained earnings 27,000 Required: Use the information provided to complete the income statement. Use the information provided to complete the balance sheet. Use a conditional statement to evaluate whether the accounting equation balances.

A company provides the following account balances at year end (except for Retained Earnings, which is the beginning balance). The CFO has asked you to use this information to prepare an income statement and balance sheet. Expenses: Advertising expense $ 15,000 Assets: Cash $ 32,000 Insurance expense 24,000 Accounts receivable 29,000 Salaries expense 68,000 Supplies 16,000 Rent expense 8,000 Land 75,000 Liabilities: Salaries payable 12,000 Revenues: Service revenue 134, 000 Notes payable 30,000 Interest revenue 9,000 Dividends: Dividends 7,000 Equity: Common stock 62,000 Retained earnings 27,000 Required: Use the information provided to complete the income statement. Use the information provided to complete the balance sheet. Use a conditional statement to evaluate whether the accounting equation balances.

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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A company provides the following account balances at year end (except for Retained Earnings, which is the beginning balance). The CFO has asked you to use this information to prepare an income statement and balance sheet. Expenses: Advertising expense $ 15,000 Assets: Cash $ 32,000 Insurance expense 24, 000 Accounts receivable 29,000 Salaries expense 68,000 Supplies 16,000 Rent expense 8,000 Land 75,000 Liabilities: Salaries payable 12,000 Revenues: Service revenue 134, 000 Notes payable 30, 000 Interest revenue 9,000 Dividends: Dividends 7,000 Equity: Common stock 62, 000 Retained earnings 27,000 Required: Use the information provided to complete the income statement. Use the information provided to complete the balance sheet. Use a conditional statement to evaluate whether the accounting equation balances.
Transcribed Image Text:A company provides the following account balances at year end (except for Retained Earnings, which is the beginning balance). The CFO has asked you to use this information to prepare an income statement and balance sheet. Expenses: Advertising expense $ 15,000 Assets: Cash $ 32,000 Insurance expense 24, 000 Accounts receivable 29,000 Salaries expense 68,000 Supplies 16,000 Rent expense 8,000 Land 75,000 Liabilities: Salaries payable 12,000 Revenues: Service revenue 134, 000 Notes payable 30, 000 Interest revenue 9,000 Dividends: Dividends 7,000 Equity: Common stock 62, 000 Retained earnings 27,000 Required: Use the information provided to complete the income statement. Use the information provided to complete the balance sheet. Use a conditional statement to evaluate whether the accounting equation balances.
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