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K The accounts of Lacourse Digital Services Company prior to the year-end adjustments follow (Click the icon to view the selected accounts and balances.) (Click the icon to view the adjustment data) Requirement 1. (Click the icon to view the list of information requested.) Without opening any accounts, making any journal entries, or using a work sheet, provide Mulboon with the requested information. The business is not subject to income tax a. Calculate net income for the year covered by these data Revenue Service revenue Expenses Salary expense Utilities expense Depreciation expense-building Insurance expense Supplies expense Advertising expense Total expenses Net Income b. Calculate total assets. Cash Assets Accounts receivable Supplies Prepaid insurance Building Data table - X $ 188,910 Cash $ Accounts receivable $ 37,500 2,000 Supplies Prepaid insurance 2,500 1,300 Building 8,000 Common stock 7,800 Retained earnings 4,200 Dividends declared 3,700 Service revenue 106,000 Salary expense $ 11,000 45,000 14,000 156,000 34,000 3,000 Accumulated depreciation-building 15,000 Depreciation expense-building 7,600 Land 52,000 Supplies expense 53,900 Accounts payable 6,600 Insurance expense Salary payable $ 135,010 Unearned service revenue Advertising expense 5,700 Utilities expense 7,600 2,000 Print Done

K The accounts of Lacourse Digital Services Company prior to the year-end adjustments follow (Click the icon to view the selected accounts and balances.) (Click the icon to view the adjustment data) Requirement 1. (Click the icon to view the list of information requested.) Without opening any accounts, making any journal entries, or using a work sheet, provide Mulboon with the requested information. The business is not subject to income tax a. Calculate net income for the year covered by these data Revenue Service revenue Expenses Salary expense Utilities expense Depreciation expense-building Insurance expense Supplies expense Advertising expense Total expenses Net Income b. Calculate total assets. Cash Assets Accounts receivable Supplies Prepaid insurance Building Data table - X $ 188,910 Cash $ Accounts receivable $ 37,500 2,000 Supplies Prepaid insurance 2,500 1,300 Building 8,000 Common stock 7,800 Retained earnings 4,200 Dividends declared 3,700 Service revenue 106,000 Salary expense $ 11,000 45,000 14,000 156,000 34,000 3,000 Accumulated depreciation-building 15,000 Depreciation expense-building 7,600 Land 52,000 Supplies expense 53,900 Accounts payable 6,600 Insurance expense Salary payable $ 135,010 Unearned service revenue Advertising expense 5,700 Utilities expense 7,600 2,000 Print Done

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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K The accounts of Lacourse Digital Services Company prior to the year-end adjustments follow (Click the icon to view the selected accounts and balances.) (Click the icon to view the adjustment data) Requirement 1. (Click the icon to view the list of information requested.) Without opening any accounts, making any journal entries, or using a work sheet, provide Mulboon with the requested information. The business is not subject to income tax a. Calculate net income for the year covered by these data Revenue Service revenue Expenses Salary expense Utilities expense Depreciation expense-building Insurance expense Supplies expense Advertising expense Total expenses Net Income b. Calculate total assets. Cash Assets Accounts receivable Supplies Prepaid insurance Building Data table - X $ 188,910 Cash $ Accounts receivable $ 37,500 2,000 Supplies Prepaid insurance 2,500 1,300 Building 8,000 Common stock 7,800 Retained earnings 4,200 Dividends declared 3,700 Service revenue 106,000 Salary expense $ 11,000 45,000 14,000 156,000 34,000 3,000 Accumulated depreciation-building 15,000 Depreciation expense-building 7,600 Land 52,000 Supplies expense 53,900 Accounts payable 6,600 Insurance expense Salary payable $ 135,010 Unearned service revenue Advertising expense 5,700 Utilities expense 7,600 2,000 Print Done
Transcribed Image Text:K The accounts of Lacourse Digital Services Company prior to the year-end adjustments follow (Click the icon to view the selected accounts and balances.) (Click the icon to view the adjustment data) Requirement 1. (Click the icon to view the list of information requested.) Without opening any accounts, making any journal entries, or using a work sheet, provide Mulboon with the requested information. The business is not subject to income tax a. Calculate net income for the year covered by these data Revenue Service revenue Expenses Salary expense Utilities expense Depreciation expense-building Insurance expense Supplies expense Advertising expense Total expenses Net Income b. Calculate total assets. Cash Assets Accounts receivable Supplies Prepaid insurance Building Data table - X $ 188,910 Cash $ Accounts receivable $ 37,500 2,000 Supplies Prepaid insurance 2,500 1,300 Building 8,000 Common stock 7,800 Retained earnings 4,200 Dividends declared 3,700 Service revenue 106,000 Salary expense $ 11,000 45,000 14,000 156,000 34,000 3,000 Accumulated depreciation-building 15,000 Depreciation expense-building 7,600 Land 52,000 Supplies expense 53,900 Accounts payable 6,600 Insurance expense Salary payable $ 135,010 Unearned service revenue Advertising expense 5,700 Utilities expense 7,600 2,000 Print Done
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