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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