Question: The accounts of Apex Consulting Inc follow with their normal

The accounts of Apex Consulting, Inc., follow with their normal balances at January 31, 2012. The accounts are listed in no particular order.
Account ............... Balance
Common Stock............................................... $34,300
Insurance Expense.......................................... 2,000
Accounts Payable............................................ 4,500
Service Revenue ........................................... 126,500
Land................................................................ 54,000
Supplies Expense............................................ 3,500
Cash................................................................ 7,600
Salaries Expense............................................. 62,000
Building........................................................... 99,000
Rent Expense.................................................. 7,500
Dividends........................................................ 14,000
Utilities Expense.............................................. 5,400
Retained Earnings........................................... 10,400
Accounts Receivable....................................... 5,500
Notes Payable ................................................. 85,000
Supplies.......................................................... 200

Requirements
1. Prepare the company’s trial balance at January 31, 2012, listing accounts in the proper order. List the largest expense first, the second-largest expense next, and so on.
2. Prepare the year-end financial statements: income statement, statement of retained earnings, and balance sheet. The retained earnings balance of $10,400 is the beginning balance for the year; it has not been updated for the current year’s income or loss.
3. Was it a profitable year for Apex Consulting, Inc.? Why or why not?




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  • CreatedApril 29, 2014
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