Question : 158. The accountant for Franklin Company prepared the following list of : 1239227

 

158. The accountant for Franklin Company prepared the following list of account balances from the company’s records for the year ended December 31, 2011: 

 

Fees Earned

$165,000

 

Cash

$  30,000

 

Accounts Receivable

14,000

 

Selling Expenses

44,000

 

Equipment

64,000

 

Capital Stock

7,000

 

Accounts Payable

22,000

 

Retained Earnings

23,000

 

Salaries & Wages Expense

40,000

 

Prepaid Rent

2,000

 

Dividends

5,000

 

Income Taxes Expense

13,000

 

Salaries & Wages Payable

15,000

 

Rent Expense

20,000

 

 

 

 

 

 

Based on this information, is Franklin Company profitable?  Explain your answer by including net income or loss. 

 

 

 

 

 

159. Amos Moving Services’ account balances at March 31, 2014, the end of the current year, are listed below.  The Retained Earnings balance was $180,000 at April 1, 2013, the beginning of the current year.   

Accounts Payable

$   2,000

 

Miscellaneous Expense

$1,030

Accounts Receivable

10,340

 

Office Expense

1,240

Cash

21,420

 

Supplies

1,670

Fees Earned

73,450

 

Wages Expense

23,550

Land

47,000

 

Dividends

16,570

Building

157,630

 

Capital Stock

25,000

 

 

 

 

 

Based on the data provided for Amos Moving Services, prepare an income statement for the current year ended March 31, 2014. 

 

 

 

 

 

160. Amos Moving Services’ account balances at March 31, 2014, the end of the current year, are listed below.  The Retained Earnings balance was $180,000 at April 1, 2013, the beginning of the current year.   

Accounts Payable

$   2,000

 

Miscellaneous Expense

$1,030

Accounts Receivable

10,340

 

Office Expense

1,240

Cash

21,420

 

Supplies

1,670

Fees Earned

73,450

 

Wages Expense

23,550

Land

47,000

 

Dividends

16,570

Building

157,630

 

Capital Stock

25,000

 

 

 

 

 

Based on the data provided for Amos Moving Services, prepare a retained earnings statement for the year ended March 31, 2014. 

 

 

 

 

 

161. Amos Moving Services’ account balances at March 31, 2014, the end of the current year, are listed below.  The Retained Earnings balance was $180,000 at April 1, 2013, the beginning of the current year.   

Accounts Payable

$   2,000

 

Miscellaneous Expense

$1,030

Accounts Receivable

10,340

 

Office Expense

1,240

Cash

21,420

 

Supplies

1,670

Fees Earned

73,450

 

Wages Expense

23,550

Land

47,000

 

Dividends

16,570

Building

157,630

 

Capital Stock

25,000

 

 

 

 

 

Based on the data provided for Amos Moving Services, prepare a balance sheet for the current year ended March 31, 2014. 

 

 

 

 

 

 

 

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