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On September 1, 2016, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2016, the accounting records
On September 1, 2016, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2016, the accounting records contained the following amounts:
Accounts payable | $1,800 | Dividends declared and paid | $1,900 |
Accounts receivable | 2,200 | Office equipment | 25,000 |
Accumulated depreciation | 500 | Office supplies | 1,750 |
Cash | 10,000 | Office supplies expense | 600 |
Consulting fees revenue | 19,200 | Rent expense | 2,400 |
Common stock | 30,000 | Telephone expense | 250 |
Depreciation expense | 500 | Wages expense | 6,900 |
Required: Prepare a balance sheet for Fast Track, Inc. as of September 30, 2016.
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