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

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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