Question

The accounts of Cascade Consulting, Inc. follow with their normal balances at December 31, 2013. The accounts are listed in no particular order.
Account Balance
Common Shares .... $ 65,000
Insurance Expense . 1,700
Accounts Payable . 3,700
Service Revenue . 83,000
Land ....... 24,000
Supplies Expense . 2,800
Cash ....... 8,300
Salary Expense .... 51,000
Building .... 110,000
Rent Expense .... 12,800
Dividends .... 13,500
Utilities Expense .... 6,400
Retained Earnings .... 9,700
Accounts Receivable ... 6,500
Notes Payable .... 76,000
Supplies ........ 400
Requirements
1. Prepare the company’s trial balance at December 31, 2013, listing accounts in the proper order. List the largest expense first, the second-largest expense next, and so on.
2. Prepare the financial statements: income statement, statement of changes in equity, and statement of financial position. The retained earnings balance of $9,700 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 Cascade Consulting, Inc.? Why or why not?


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  • CreatedJuly 08, 2015
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