At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported...

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At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment $2,040 Accounts payable 480 Unearned revenue 3,780 Salaries payable $280 1,460 1,010 220 5,000 Short-term note payable Common stock ($1 par value) 850 57 1,260 Additional paid-in capital Retained earnings 6,903 2,220 a. Received $10,900 cash for consulting services rendered. b. Issued 24 additional shares of common stock at a market price of $127 per share. c. Purchased $780 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $960 from clients for consulting services to be performed in the next year. e. Bought $610 of supplies on account. f. Incurred and paid $2,010 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,760, due from clients in the next year. h. Received $3,320 from clients paying on their accounts. i. Incurred $6,350 in salaries in the current year, paying $5,510 and owing the rest (to be paid next year). j. Purchased $1,370 in short-term investments and paid $870 for insurance coverage beginning in the next fiscal year. k. Received $17 in interest revenue earned in the current year on short-term investments. Required: Prepare an unadjusted classified income statement for the current year ended December 31. (Ignore income taxes.) Note: Enter your answers in thousands, not in dollars. At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment $2,040 Accounts payable 480 Unearned revenue 3,780 Salaries payable $280 1,460 1,010 220 5,000 Short-term note payable Common stock ($1 par value) 850 57 1,260 Additional paid-in capital Retained earnings 6,903 2,220 a. Received $10,900 cash for consulting services rendered. b. Issued 24 additional shares of common stock at a market price of $127 per share. c. Purchased $780 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $960 from clients for consulting services to be performed in the next year. e. Bought $610 of supplies on account. f. Incurred and paid $2,010 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,760, due from clients in the next year. h. Received $3,320 from clients paying on their accounts. i. Incurred $6,350 in salaries in the current year, paying $5,510 and owing the rest (to be paid next year). j. Purchased $1,370 in short-term investments and paid $870 for insurance coverage beginning in the next fiscal year. k. Received $17 in interest revenue earned in the current year on short-term investments. Required: Prepare an unadjusted classified income statement for the current year ended December 31. (Ignore income taxes.) Note: Enter your answers in thousands, not in dollars.