Financial Statements The adjusted balances shown below are for Fine Consulting Service as of December 31. Byran Fine made no capital contributions during the year. Adjusted Balances Cash..... Accounts receivable... Supplies... Prepaid insurance... Equipment . Accumulated depreciation-Equipment. Accounts payable...... Long-term notes payable Common stock ... .. Retained earnings Dividends...... $ 2,700 3,270 3,060 1,500 6,400 1,080 845 7,000 2,000 5,205 2,900 Service fees earned. 58,400 12,000 Rent expense.... Salaries expense Supplies expense.. Insurance expense. Depreciation expense-Equipment Interest expense.... 33,400 4,700 3,250 720 630 REQUIRED Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31.
Financial Statements The adjusted balances shown below are for Fine Consulting Service as of December 31. Byran Fine made no capital contributions during the year. Adjusted Balances Cash..... Accounts receivable... Supplies... Prepaid insurance... Equipment . Accumulated depreciation-Equipment. Accounts payable...... Long-term notes payable Common stock ... .. Retained earnings Dividends...... $ 2,700 3,270 3,060 1,500 6,400 1,080 845 7,000 2,000 5,205 2,900 Service fees earned. 58,400 12,000 Rent expense.... Salaries expense Supplies expense.. Insurance expense. Depreciation expense-Equipment Interest expense.... 33,400 4,700 3,250 720 630 REQUIRED Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:commissions earned in computing the additional rent.)
LO3 P3-8A. Financial Statements The adjusted balances shown below are for Fine Consulting Service as of
December 31. Byran Fine made no capital contributions during the year.
Adjusted
Balances
$ 2,700
3,270
3,060
Cash......
Accounts receivable.
Supplies .....
Prepaid insurance.
Equipment
Accumulated depreciation-Equipment.
Accounts payable...
Long-term notes payable
Common stock..
Retained earnings
1,500
6,400
1,080
845
7,000
2,000
5,205
2,900
Dividends..
Service fees earned .
Rent expense..
Salaries expense
Supplies expense
Insurance expense.
58,400
12,000
33,400
4,700
3,250
Depreciation expense-Equipment
720
Interest expense..
630
REQUIRED
Prepare an income statement and a statement of stockholders' equity for the year, and a balance
sheet as of December 31.
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