$7,200 7,700 4,600 3,400 105,000 $10,000 46,000 12,000 158,000 36,000 Cash Accounts receivable Supplies Prepaid insurance Building Accumulated depreciation - building Land Accounts payable Salary payable Unearned service revenue Common stock Retained earnings Dividends declared Service revenue Salary expense Depreciation expense- building Supplies expense Insurance expense Advertising expense Utilities expense 0 0 0 16,200 57,000 6,600 0 7,100 2,200 5,400 Adjusting data at the end of the year include the following: Unearned service revenue that has been earned, $1,620 b. Accrued service revenue, $31,600 c. Supplies used in operations $3,500 d. Accrued salary expense, $3.000 e. Prepaid insurance expired, $1.500 f. Depreciation Expense - building. $2,700 Alison Sikes, the principal stockholder, has received an offer to sell Huntley Digital Services Company. She needs to know the following information: a. Net income for the year covered by these data b. Total assets c. Total liabilities d. Total stockholders' equity e. Proof that Total assets = Total liabilities + Total stockholders' equity after all items are updated Alison will not accept less than two times stockholders' equity for the company but prefers three times net income. What is the range of value that Alison will consider? Income Statement Balance Adjusting Entires Final Service Revenue Accrued Service Revenue Unearned Service Revenue now earned TOTAL YEAR REVENUES $0 SO $0 $0 Salary Expense Depreciation Expense Supplies Expense Insurance Expense Advertising Expense Utilities Expense TOTAL YEAR EXPENSES $0 $0 $0 $0 $0 $0 $0 NET INCOME $0 Balance Sheet Balance Adjusting Entries Final Cash Accounts Receivable Supplies Prepaid Insurance Building Land TOTAL ASSETS $0 $0 SO $0 SO $0 $0 $0 Accounts Payable Salary Payable Unearned Service Revenue TOTAL LIABILITIES $0 $0 $0 $0 Common Stock Retained earnings, ending TOTAL STOCKHOLDER'S EQUITY $0 $0 $0 $0 $0 Statement of Retained Earnings Retained Earnings, beginning Net Income Dividends Declared Retained Earnings, ending $0