Question

The accounts of Cascade Consulting, Inc., follow with their normal balances at December 31, 2012. The accounts are listed in no particular order.
Balance ............. Account
Common Stock............................................... $133,600
Insurance Expense.......................................... 2,400
Accounts Payable............................................ 3,700
Service Revenue ............................................. 96,200
Land................................................................ 89,000
Supplies Expense............................................ 2,600
Cash................................................................ 5,900
Salaries Expense............................................. 52,000
Building........................................................... 145,000
Rent Expense.................................................. 9,900
Dividends........................................................ 14,000
Utilities Expense.............................................. 5,400
Retained Earnings........................................... 12,900
Accounts Receivable....................................... 6,500
Notes Payable ................................................. 87,000
Supplies.......................................................... 700

Requirements
1. Prepare the company’s trial balance at December 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 $12,900 is the beginning balance for the year; it has not been updated for the current year’s net income or loss.
3. Was it a prof table year for Cascade Consulting, Inc.? Why or why not?



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  • CreatedApril 29, 2014
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