Prepare SFP Accounts payable$37,500Accounts receivable$27,500Accumulated depreciation-Video equipmentS70,000Advertising expense$52,500Cash$60,000Common stock$225,000Depreciation expense$30,000Dividends$37,500Insurance expenseS7,500Note payable (due 2022)$175,000Prepaid insurance$15,000Rent expense$42,500Retained earnings (beginning)$30,000Salaries expenseS85,000Salaries payable$7,500Service revenue$362,500Supplies$10,000Supplies expense$15,000Video equipment$525,000

Formula: Net Profit = Total Revenues - Total expenses

Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment $70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense $7,500

Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment $70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense $7,500

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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