Adjusted Trial Balance provided ; Income Statement, Balance Sheet

Required Information [The following information applies to the questions displayed below] Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below. Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: $2.000 Accounts Payable 1.250 Stockholders' Equity 1,050 Contributed Capital Retained Earnings Assets: Cash Accounts Receivable Supplies $ 1.560 $2.000 740 Total Assets $4.300 Total Liabilities & Stk. Equity $4.300 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $33,000 of additional cash in the business. 2a Supplies are purchased for $1,350 on account. 2b Insurance is paid for 12 months beginning January 1: $8,760 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4.950 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1.920 per month FFD borrows $37.000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $64.800. It 6 will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January 7 $875 of the receivables from December's sales are collected. 8 $1,248 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $11.400. 10 Services are performed for cash customers: $7.980. 16 Wages for the first half of the month are paid on January 16: $1.920. The company receives $4.550 from a customer for an advance order for services to be provided in January and February 25 Collections from customers on account (see January 9 transaction): $4.560 20. 30a The last 2 weeks wages earned by employees are $960 per employee and will be paid on February 3. 300 A $1,220 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $480. b The company completed 60% of the deliveries for the customer who paid in advance on January 20 C. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. Noyuncu HURTULUI Credit 1,350 Adjusted Trial Balance January 31 Account Title Debit Cash $ 8,287 Accounts Receivable 7,215 Supplies 480 Prepaid Rent 3,300 Prepaid Insurance 8,030 Equipment 64,800 Accumulated Depreciation- Equipment Accounts Payable Unearned Revenue Wages Payable Interest Payable Notes Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses 3,840 Utilities Expense 1,220 Supplies Expenses 1,920 Depreciation Expense 1,350 Insurance Expense 730 Rent Expense 1.650 Interest Expense 185 Totals $ 103,007 2.882 1,820 1,920 185 37,000 35,000 740 22,110 OOOOOOOOO $ 103,007 , Prepare end-of-January financial statements. (Balance Sheet only, Items to be " deducted must be Indicated with a negative amount.) FAST DELIVERIES, INC. Income Statement At January 31 ................ FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings. Beginning of Period Retained Earnings. End of Period FAST DELIVERIES, INC. Balance Sheet At January 31 Assets Liabilities Current Assets Current Liabilities Total Current Assets lote 5 0 Total Current Liabilities S Equipment, net 0 Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets 0