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 $ 1.625 Accounts Payable $ 1,310 Accounts Receivable 1,000 Stockholders' Equity Supplies 800 Contributed Capital $1,500 Retained Earnings 615 Total Assets $3,425 Total Liabilities & Stk. Equity $3.425 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the business 2a Supplies are purchased for $1.100 on account 2b Insurance is paid for 12 months beginning January 1: $7.860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1.570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest. Amelie fAF nn tavattu Son 2a Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $52,800. It 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 $700 of the receivables from December's sales are collected. 8 $1,048 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,200. 10 Services are performed for cash customers: $7140. 16 Wages for the first half of the month are paid on January 16: $1,570 The company receives $3,800 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): $4,080 30a The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3 30b A $995 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $380. 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. Adiust the prepaid asset (Rent and Insurancel accounts as needed Credit FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Account Title Debit Cash $ 10,017 Accounts Receivable 6,420 Supplies 380 Prepaid Insurance 7.205 Prepaid Rent 2.700 Equipment 52,800 Accumulated Depreciation Equipment Accounts Payable Unearned Revenue 1.100 357 520 32.000 570 Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings 19 620 Required information 52,800 1,100 2,357 1520 32,000 1,570 Equipment Accumulated Depreciation --Equipment Accounts Payable Unearned Revenue Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense Interest Expense Utilities Expense Totals 19,620 3,140 1.520 1.100 160 995 86,437 $ $ 58,167 [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 $1,625 Accounts Payable Accounts Receivable 1,000 Stockholders' Equity: Supplies 800 Contributed Capital Retained Earnings $ 1,310 $1,500 615 Total Assets $3,425 Total Liabilities & Stk. Equity $3.425 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the business. 2a Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,570 per month January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the business. 2a Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $52,800. 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 $700 of the receivables from December's sales are collected. 8 $1,048 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,200. 10 Services are performed for cash customers: 57.140. 16 Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 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): $4,080 The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3. 30 A $995 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $380. b The company completed 60% of the deliveries for the customer who paid in advance 16 25 20. Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 from a customer for an advance order for services to be provided in January and February. Collections from customers on account (see January 9 transaction): $4,080 The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3. A $995 utility bill for January arrived. It is due on February 15. 30b Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $380. 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 needed. 6. Prepare the adjusted trial balance, using the revised set oft-account balances. FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Debit Credit Credit FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Debit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Wages Payable Interest Payable Notes Payable Contributed Capital Retained Earnings Service Revenue Wanas Finanses Wages Payable Interest Payable Notes Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals 05 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 $ 1625 Accounts Payable $ 1,310 Accounts Receivable 1,000 Stockholders' Equity Supplies 800 Contributed Capital $ 1.500 Retained Earnings 615 Total Assets $3.425 Total Liabilities & Stk. Equity $3.425 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the busine 20 Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 17,860 (Record as an asset) 2c Rent is paid for 3 months beaning in January $4.050 (Record as an asset January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the business. 2a Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $52,800. 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 $700 of the receivables from December's sales are collected 8 $1,048 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,200. 10 Services are performed for cash customers: $7,140. 16 Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 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): $4,080 303 The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3 300 A $995 utility bill for January arrived. It is due on February 15. Arinitional Information for a ctinn entries at January 31 10 Services are performed for cash customers: $7,140. 16 Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 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): $4,080 The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3. 30b A $995 utility bill for January arrived. It is due on February 15. 309 Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $380. - 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 needed. Prepare end-of-January financial statements. (Balance Sheet only, items to be deducted must be indicated with a negative amount.) FAST DELIVERIES, INC. Income Statement Prepare end-of-January financial statements. (Balance Sheet only, items to be deducted must be indicated with a negative amount.) FAST DELIVERIES, INC. Income Statement FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings, Beginning of Period Retained Earnings. End of Period FAST DELIVERIES, INC Balance Sheet At January 31 Total Current Liabilities Total Labios Stockholders' Equity Required information Total Current Assets Total Current Liabilities Equipment, net Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets 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 $ 1.625 Accounts Payable $ 1,310 Accounts Receivable 1,000 Stockholders' Equity Supplies 800 Contributed Capital $1,500 Retained Earnings 615 Total Assets $3,425 Total Liabilities & Stk. Equity $3.425 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the business 2a Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 1: $7.860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 20 Two employees are hired. Each employee will be paid $1,570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest. al lereer far schnell av that A SSO 2a Supplies are purchased for $1,100 on account 2b Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $52,800. It 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 $700 of the receivables from December's sales are collected. 8 $1,048 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,200. 10 Services are performed for cash customers: $7,140. 16 Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 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): $4,080 30a The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3. 30b A $995 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $380. 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. Adiust the prepaid asset (Rent and Insurancel accounts as needed