The following information was drawn from the records of Paso & Associates at December 31, 2012. Required
Question:
The following information was drawn from the records of Paso & Associates at December 31, 2012.
Required
Use the preceding information to construct an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows. (Show only totals for each activity on the statement of cashflows.)
Supplies Consulting revenue Land Dividends Cash flow from fin, activities Interest revenue Ending retained earnings Cash Interest payable Interest expense $ 5,400 40,000 9,000 58,000 30,000 40,000 32000 (21,000) 18,000 8,000 S 2500 Unearned revenue 120,000 70,000 10,000 30,000 6,000 50,100 66,000 4,000 9,000 Notes payable Salaries payable Salary expense Common stock issued Beginning common stock Accounts receivable Cash flow from inv. activities Cash flow from oper. activities Prepaid rent
Step by Step Answer:
Paso Associates Income Statement For the Year Ended December 31 2012 Revenue Consulting Revenue 1200...View the full answer
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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