FASTDELIVERIES, INCORPORATED

Income StatementRequired information

$[$The following information applies to the questions displayed below.$]$

Fast Deliveries, Incorporated $($FDI$),$ was organized in December last year and had limited activity last year. The resulting

balance sheet at the beginning of the current year is provided below:

Two employees have been hired, at a monthly salary of $$2,540$ each. The following transactions occurred during January

of the current year$\mathrm{.}1$ $$5,100$ is paid for $12$ months' insurance starting January $1.($Record as an asset.$)3$ FDI borrows $$34,800$ cash from First State Bank at $4\%$ annual interest; this note is A delivery van is purchased using cash. Including tax, the total cost was $$24,000.$ Additional supplies costing $$1,500$ are purchased on account and received. $$300$ of accounts payable from December of last year are paid. $$7,600$ of services are performed for customers who paid immediately in cash. FDI receives $$3,800$ cash from a customer for an advance order for services to be $$4,800$ is collected from customers on account $($see January $9$ transaction$)\mathrm{.}31$a$.$ A $$900$ bill arrives for January utility services. Payment is due February $15\mathrm{.}31$c$.$ As of January $31,$ FDI had completed $60\%$ of the deliveries for the customer who paid$31$d$.$ Accrue one month of interest on the bank loan. Yearly interest is determined by convenience, calculate January interest as one$-$twelfth of the annual interest. each year, one$-$fourth of the van's benefits will be used up$,$ which implies annual month of January, equal to one$-$twelfth of the annual depreciation expense. employee and will be paid on February $3.$