Question

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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