Answer: Cash Accounts Receivable Supplies 42,500 11,500 25,800 45,600 12,700 Accounting Cycle Problem: 75,800 66,200 63,400...

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Answer: Cash Accounts Receivable Supplies 42,500 11,500 25,800 45,600 12,700 Accounting Cycle Problem: 75,800 66,200 63,400 45,600 21,500 The general ledger of FastTrack Racing at January 1, 2021, includes the following account balances: 32,000 2,800 93,900 43,600 12,700 Accounts Debits Credits Land Cash $42,500 115,700 Accounts Payable 11,500 Salaries Payable 15,000 Accounts Receivable 25,800 12,700 Land 115,700 115,700 16,200 Accounts Payable 15,000 Notes Payable 30,500 Interest Payable Notes Payable Common Stock Common Stock 100,000 30,500 100,000 Retained Earnings 38,500 32,000 Totals $184,000 $184,000 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500. g. Pay salaries for employee work in the current year, $66,200. h. Pay advertising for the current year, $21,500. i. Pay $2,800 cash dividends to stockholders. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company also has accounts for Supplies, Salaries Payable, Interest Payable, Dividends, Service Revenue, Salaries Expense, Advertising Expense. Interest Expense, and Supplies Expense. 2. Post the transactions to the T-accounts. 4. Prepare an income statement for 2021 and a classified balance sheet as of December 31, 2021. Fast Track Racing Income Statement For the year ended December 31, 2021 30,500 132,000 Retained Earnings Dividends Service Revenue 38,500 2,800 63,400 75,800 38,500 2,800 139.200 Salaries Expense Advertising Expense Interest Expense 66,200 66,200 21,500 21,500 Supplies Expense Answer: Cash Accounts Receivable Supplies 42,500 11,500 25,800 45,600 12,700 Accounting Cycle Problem: 75,800 66,200 63,400 45,600 21,500 The general ledger of FastTrack Racing at January 1, 2021, includes the following account balances: 32,000 2,800 93,900 43,600 12,700 Accounts Debits Credits Land Cash $42,500 115,700 Accounts Payable 11,500 Salaries Payable 15,000 Accounts Receivable 25,800 12,700 Land 115,700 115,700 16,200 Accounts Payable 15,000 Notes Payable 30,500 Interest Payable Notes Payable Common Stock Common Stock 100,000 30,500 100,000 Retained Earnings 38,500 32,000 Totals $184,000 $184,000 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500. g. Pay salaries for employee work in the current year, $66,200. h. Pay advertising for the current year, $21,500. i. Pay $2,800 cash dividends to stockholders. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company also has accounts for Supplies, Salaries Payable, Interest Payable, Dividends, Service Revenue, Salaries Expense, Advertising Expense. Interest Expense, and Supplies Expense. 2. Post the transactions to the T-accounts. 4. Prepare an income statement for 2021 and a classified balance sheet as of December 31, 2021. Fast Track Racing Income Statement For the year ended December 31, 2021 30,500 132,000 Retained Earnings Dividends Service Revenue 38,500 2,800 63,400 75,800 38,500 2,800 139.200 Salaries Expense Advertising Expense Interest Expense 66,200 66,200 21,500 21,500 Supplies Expense

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Answer Income Statement for FastTrack Racing for the year ended December 31 2021 Revenue Service Rev... View the full answer