One year ago, Ratph Collini foundad Coltims Coengenment Sale? Company, and the basiacss has protgered Collins comes to you for advice. He wishes to know bow much bet iocume the buaines eamed during the past year. The accounting tecords consist of the T-accounts in the fedeet, which were prepurad by an accountant who has moved. The accounts at Decester 31, 20XXa. follow. Collins indicates that, at year-mh, casomers owe the besines 51,000 acerued service revenue, which the basiness expects to collect early next year. These revehues have bot been recorded. During the year, the buaines collectod 54,100 service revenue in advance from customen, but the butiness has earned only 5800 of that amount. During the year Cellias Congignment has ibcurred 52,400 of adventining expense, but the builens has not yet pais for it. In addition, the buviness has uned up 52,100 of the otitise supplies. Collims determines that depenciation oo equipment was \$7,000 for the year. Ar December 31, 20XX, tise busihess owes its employee 51,200 acerued salary. To get a loan to eypand the buises, Collis must show the bank that cwner's equity has grom ffon its origial $40,000 balance Has it? You and Collins agree that you will mect apain in one whok: Requirements 1. Prepare the financial atutement that bclps astress the first isque concerning Collink. 2. Can Collins expect to pat the lan? Give your reawn(s). One year ago, Ratph Collini foundad Coltims Coengenment Sale? Company, and the basiacss has protgered Collins comes to you for advice. He wishes to know bow much bet iocume the buaines eamed during the past year. The accounting tecords consist of the T-accounts in the fedeet, which were prepurad by an accountant who has moved. The accounts at Decester 31, 20XXa. follow. Collins indicates that, at year-mh, casomers owe the besines 51,000 acerued service revenue, which the basiness expects to collect early next year. These revehues have bot been recorded. During the year, the buaines collectod 54,100 service revenue in advance from customen, but the butiness has earned only 5800 of that amount. During the year Cellias Congignment has ibcurred 52,400 of adventining expense, but the builens has not yet pais for it. In addition, the buviness has uned up 52,100 of the otitise supplies. Collims determines that depenciation oo equipment was \$7,000 for the year. Ar December 31, 20XX, tise busihess owes its employee 51,200 acerued salary. To get a loan to eypand the buises, Collis must show the bank that cwner's equity has grom ffon its origial $40,000 balance Has it? You and Collins agree that you will mect apain in one whok: Requirements 1. Prepare the financial atutement that bclps astress the first isque concerning Collink. 2. Can Collins expect to pat the lan? Give your reawn(s)
