Section I: 44 points On May 31, 2012, Deana's Services Company had account balances as follows: Accounts Payable Accounts receivable Cash Fees earned Insurance expense Building Accumulated depreciation Land Miscellaneous expense Prepaid insurance Short-term mortgage payable Long-term mortgage payable Rent expense Salary expense Dividends Supplies Supplies expense Utilities expense Capital stock Retained earnings (beginning balance on May 1, 2012) 9,900 26,950 1,390 70,800 225,000 75,000 174,400 1,510 2,000 20,000 230,000 8,000 35,300 15,100 950 825 3,800 81,000 20,000 Present, in good form, (a) an income statement for May, (b) a statement of stockholders equity as of May 31, and (c) a classified balance sheet as of May 31, showing current assets, fixed assets, current liabilities, long term liabilities, stockholders' equity.

Section I: 44 points On May 31, 2012, Deana's Services Company had account balances as follows: Accounts Payable Accounts receivable Cash Fees earned Insurance expense Building Accumulated depreciation Land Miscellaneous expense Prepaid insurance Short-term mortgage payable Long-term mortgage payable Rent expense Salary expense Dividends Supplies Supplies expense Utilities expense Capital stock Retained earnings (beginning balance on May 1, 2012) 9,900 26,950 1,390 70,800 225,000 75,000 174,400 1,510 2,000 20,000 230,000 8,000 35,300 15,100 950 825 3,800 81,000 20,000 Present, in good form, (a) an income statement for May, (b) a statement of stockholders equity as of May 31, and (c) a classified balance sheet as of May 31, showing current assets, fixed assets, current liabilities, long term liabilities, stockholders' equity.

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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