Below are the December 31, 2015, year-end accounts balances for Mitch's Architects Ltd. This is the business's second year of operations. $ 30,400 5,000 150,000 Cash $23,000 Share capital Accounts receivable 24,000 2,000 7,000 40,000 15,000 30,000 Office supplies inventory Prepaid insurance Retained earnings Consulting fees earned Office rent expense 60,000 40,000 12,000 5,000 2,400 Salaries and benefits expense Utilities expense Truck Office equipment Accounts payable Unearned consulting fees 15,000 Insurance expense Supplies and postage expense Additional information: a. Included in the share capital account balance was an additional $10,000 of shares issued during the current year just ended. b. Included in the retained earnings account balance was dividends paid to the shareholders of $1,000 during the current year just ended. Required: Use these accounts to prepare an income statement

Below are the December 31, 2015, year-end accounts balances for Mitch's Architects Ltd. This is the business's second year of operations. $ 30,400 5,000 150,000 Cash $23,000 Share capital Accounts receivable 24,000 2,000 7,000 40,000 15,000 30,000 Office supplies inventory Prepaid insurance Retained earnings Consulting fees earned Office rent expense 60,000 40,000 12,000 5,000 2,400 Salaries and benefits expense Utilities expense Truck Office equipment Accounts payable Unearned consulting fees 15,000 Insurance expense Supplies and postage expense Additional information: a. Included in the share capital account balance was an additional $10,000 of shares issued during the current year just ended. b. Included in the retained earnings account balance was dividends paid to the shareholders of $1,000 during the current year just ended. Required: Use these accounts to prepare an income statement

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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