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Alison Hyman, the principal stockholder, has receive an offer to sell Mulboon Digital Services Company. She needs to know the following information: a. Net income
Alison Hyman, the principal stockholder, has receive an offer to sell Mulboon 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 Cash... - - - $ 12,600 Common stock $ 12,000 Accounts receivable 45,500 ... Supplies .... Prepaid insurance. 16,000 164,000 35,000 Building .... Accumulated depreciation- building Land... Accounts payable Salary payable Unearned service revenue 7,300 Retained earnings 4,200 Dividends declared 3,200 Service revenue 106,000 Salary expense Depreciation expense- 12,600 building 52,000 Supplies expense I. 6,500 Insurance expense.. Advertising expense 5,300 Utilities expense 7,200 2,400 Adjusting data at the end of the year include the following: a. Unearned service revenue that has been earned, $1,590 b. Accrued service revenue, $32,800 c. Supplies used in operations, $3,200 d. Accrued salary expense, $3,100 e. Prepaid insurance expired, $1,200 f. Depreciation expense-building. $2.100
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