(6 points) X Companys financial records showed the following during 2014:

Payments made for office supplies $150,000 Insurance premiums receipts $500,000

Office rental revenues $100,000 Wages & salaries paid $ 80,000

X follows the accrual basis of accounting. The following were taken from Xs balance sheets:

12-31-13 12-31-14

Office rental receivables $34,000 $39,000

Prepaid office supplies 18,000 14,000

Wages & salaries payable 21,000 24,000

Office supplies payable 6,000 12,000

Unearned insurance premiums 12,000 5,000

Unearned office rental revenue 14,000 6,000

What was office supplies expense during 2014?

What was wages & salaries expense during 2014?

What were insurance premiums revenues during 2014?

What were office rental receipts during 2014?

(5 points) Information (in dollars) related to L Service Company for 2016 follows.

Sales revenues 12,350,000

Cost of services provided 5,000,000

Selling, general, and administrative expenses 2,670,000

Investment income 187,000

Gain on the disposal of the tax preparation division * 825,000

Operating income of the tax preparation division up until its disposal * 922,000

Interest expense 147,000

Miscellaneous expenses 84,000

* The tax preparation division was considered a component

Prepare an income statement in good form for the year 2016. Assume a 32% tax rate and that 140,000 shares of common stock were outstanding during all of 2016.

(3 points) Because of a flood, Josephus Corporation lost most of its accounting records. The CFO kept certain data related to the income statement. The data follow:

Sales returns and discounts were $15,000

Interest expense was $16,000

Cost of goods sold was $300,000

Selling, general, and administrative expenses are 25% of cost of goods sold but only 10% of gross sales

Josephus income tax rate is 30%

Josephus had 120,000 shares of common stock outstanding during the year

From the previous data, prepare an income statement in good form.

(4 points) Changes in all balance sheet account balances of E during the current year, EXCEPT the change in Es retained earnings account follow. Compute Es net income (or net loss) for the current year assuming the only 2 entries E made to her retained earnings account during the current year were for a cash dividend declared and paid of $165,000 and her net income (or net loss) for the current year. (This is NOT a statement of cash flows problem do NOT format it like a statement of cash flows problem.)

Cash increased $ 56,000

Accounts receivable decreased $ 43,000

Inventory decreased $105,000

Fixed assets increased $262,000

Accumulated depreciation increased $ 88,000

Accounts payable increased $117,000

Salaries payable decreased $ 64,000

Unearned revenue increased $ 23,000

Notes payable decreased $100,000

Common stock increased $ 75,000