Cash $3,240 Accounts Receivable 3,924 Supplies 3,672 Prepaid Insurance 1,800 Equipment 7,680 Accum. Depr. - Equipment...

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Cash $3,240 Accounts Receivable 3,924 Supplies 3,672 Prepaid Insurance 1,800 Equipment 7,680 Accum. Depr. - Equipment $1,296 Accounts Payable 1,014 Long Term Notes Payable 8,400 Common Stock 2,400 Retained Earnings 6,246 Dividends 3,480 Service Fees Earned 70,080 Rent Expense 14,400 Salaries Expense 40,080 Supplies Expense 5,640 Insurance Expense 3,900 Depreciation Expense-Equipment 864 Interest Expense 756 Totals $89,436 $89,436 Required a. Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form. Income Statement Assets Cash Accounts Receivable Supplies Prepaid Insurance Equipment Statement of Stockholders Equity Balance Sheet Journal Entries FINE CONSULTING SERVICE Balance Sheet December 31 Liabilities $ 0 Accounts Payable $ 0 0 Long Term Notes Payable 0 0 Total Liabilities 0 Stockholders' Equity Less:Accum. Depr. - Equipment(enter as a negative) 0 0 Common Stock 0 Retained Earnings 0 Cash $3,240 Accounts Receivable 3,924 Supplies 3,672 Prepaid Insurance 1,800 Equipment 7,680 Accum. Depr. - Equipment $1,296 Accounts Payable 1,014 Long Term Notes Payable 8,400 Common Stock 2,400 Retained Earnings 6,246 Dividends 3,480 Service Fees Earned 70,080 Rent Expense 14,400 Salaries Expense 40,080 Supplies Expense 5,640 Insurance Expense 3,900 Depreciation Expense-Equipment 864 Interest Expense 756 Totals $89,436 $89,436 Required a. Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form. Income Statement Assets Cash Accounts Receivable Supplies Prepaid Insurance Equipment Statement of Stockholders Equity Balance Sheet Journal Entries FINE CONSULTING SERVICE Balance Sheet December 31 Liabilities $ 0 Accounts Payable $ 0 0 Long Term Notes Payable 0 0 Total Liabilities 0 Stockholders' Equity Less:Accum. Depr. - Equipment(enter as a negative) 0 0 Common Stock 0 Retained Earnings 0

Answer rating: 100% (QA)

Income Statement Service Fees Earned 70080 Rent Expense 14400 Salaries Expense 40080 Supplies Expens... View the full answer