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At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par

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At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 2,020 Accounts payable $ 270 Short-term investments 470 Unearned revenue 1,440 Accounts receivable 3,750 salaries Payable 990 Supplies 210 Short-term note payable 840 Prepaid expenses 4,960 Common stock ($1 par value) 56 Office equipment 1,650 Additional paid-in capital 6,854 Accumulated depreciation office equipment (420) Retained earnings 2,190 *This account has a credit balance representing the portion of the cost of the equipment used in the past. a. Received $10.700 cash for consulting services rendered. b. Issued 22 additional shares of common stock at a market price of $126 per share. c. Purchased $760 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $950 from clients for consulting services to be performed in the next year. e. Bought $590 of supplies on account. f. Incurred and paid $1,980 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1740, due from clients in the next year. h. Received $3,300 from clients paying on their accounts. i. Incurred $6.330 in salaries in the current year. paying $5,480 and owing the rest (to be paid next year). J. Purchased $1,350 in short-term investments and paid $860 for insurance coverage beginning in the next fiscal year. k. Received $16 in interest revenue earned in the current year on short-term investments Required: Prepare in good form an unadjusted classified income statement for the current year ended December 31. (ignore income taxes.) (Enter your answer in thousands, not in dollars.) CONOVER, INC. Income Statement (unadjusted) At December 31 Operating revenues: Consulting fees revenue Total operating revenues Operating expenses Total operating expenses Other item

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