Francines Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: $ 1,475 Accounts Payable 900 Stockholders Equity 700 Contributed Capital Retained Earnings Assets Cash Accounts Receivable Supplies $ $1.500 565 Total Assets $3,075Total Liabilities & Stk. Equity $3,075 January Transactions for Francines Fast Deliveries , Inc. (FFD Date 1 Owners invest $26,000 of additional cash in the business . 2a Supplies are purchased for $950 on account . 2b Insurance is paid for 12 months beginning January 1: $7,500 (Record as an asset) 2c Rent is paid for 3 months beginning in January : $3.750 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1.430 per month 3 FFD borrows $ 29.000 from 1 ^ (Sl) State Bank at 6% annual interest . A delivery van is purchased for cashIncluding tax the total cost was $48,000. 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 $630 of the receivables from Decembers sales are collected . 8 $808 of the accounts payable from December are paid. 9 Performed services for customers on account Mailed invoices totaling $9,800 . 10 Services are performed for cash customers : $6,860. 16 Wages for the first half of the month are paid on January 16$1,430. 20 The company receives $3,350 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 ): $3,920 30a The last 2 weeks wages earned by employees are $715 per employee and will be paid on February 3 A $905 utility bill for January arrived . It is due on February 15.

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 Assets: Liabilities: Cash $ 1,475 Accounts Payable Accounts Receivable 900 Stockholders' Equity: Supplies 700 Contributed Capital Retained Earnings $ 1,010 $1,500 565 Total Assets $3,075 Total Liabilities & Stk. Equity $3,075 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $26,000 of additional cash in the business. 2a Supplies are purchased for $950 on account. 2b Insurance is paid for 12 months beginning January 1: $7,500 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,750 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,430 per month 3 FFD borrows $29,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $48,000. 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 $630 of the receivables from December's sales are collected. 8 $808 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $9,800. Jdiludly Illia CLIOTIS TUI Pidillies Fast Deliveres, C. (PPD) Date 1 Owners invest $26,000 of additional cash in the business. 2a Supplies are purchased for $950 on account. 2b Insurance is paid for 12 months beginning January 1: $7,500 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,750 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,430 per month 3 FFD borrows $29,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $48,000. 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 $630 of the receivables from December's sales are collected. 8 $808 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $9,800. 10 Services are performed for cash customers: $6,860. 16 Wages for the first half of the month are paid on January 16: $1,430. 20. The company receives $3,350 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): $3,920 The last 2 weeks wages earned by employees are $715 per employee and will be paid on February 3. 30b A $905 utility bill for January arrived. It is due on February 15. 30a Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $330. h 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 neeed. Prepare end-of-January financial statements. (Balance Sheet only, Items to be deducted must be indicated with a negative amount.) 1 1 1 $ - TTT 1 0 DIT Las FAST DELIVERIES, Income State Service Revenue Revenues FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings, Beginning of Period 0 ODIO OC TO 11 1 TL Retained Earnings, End of Peri FAST DELIVERIES, INC. Balance Sheet At January 31 Assets Liabilities Current Assets Current Liabilities Total Current Assets Total Current Liabilities $ 0 Equipment, net 0 Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets