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[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 Liabilities Accounts Payable Stockholders' Equity: Contributed Capital Retained Earnings Assets: $1,925 1,410 Cash Accounts Receivable 1,200 $2,000 Supplies 1.000 715 Total Liabilities & Stk. Total Assets $4,125 $4,125 Equity January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date Owners invest $32,000 of additional cash in the business. 1 Supplies are purchased for $1,300 on account. 2a Insurance is paid for 12 months beginning January 1: $8,580 (Record as 2b an asset) Rent is paid for 3 months beginning in January: $4,800 (Record as an 2c asset) 2d Two employe es are hired. Each employe e will be paid $1,850 per month FFD borrows $36,000 from 1st State Bank at 6% annual interest A delivery van is purchased for cash. Including tax the total cost was $62,400. It will be used for 4 years and will be depreciated monthly 6 using straight-line with no salvage value. A full month of depreciation will be charged in January. 7 $840 of the receivables from December's sales are collected. $1,128 of the accounts payable from December are paid. Performed services for customers on account. Mailed invoices totaling 9 $11,200 Services are performed for cash customers: $7,840. 16 Wages for the first half of the month are paid on January 16: $1,850. 10 The company receives $4,400 from a customer for an advance order for 20 services to be provided in January and February. Collections from customers on account (see January 9 transaction): 25 $4,480 The last 2 weeks wages earned by employees are $925 per employee and will be paid on February 3. A $1,175 utility bill for January arrived. It is due on February 15 30a 30b Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $460. The company completed 60% of the deliveries for the customer who paid in b advance on January 20. 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. 3. Prepare an unadjusted trial balance using the T-Account balances. FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Credit Account Title Debit $ 8,727 Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent 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 7,080 2,300 8,580 4,800 62,400 2,757 4,400 36,000 1,850 34,000 715 3,700 1,175 $ 98,762 79,722 Prepare the adjusted trial balance, using the revised set of t-account 6. balances. FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Debit Credit 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 Wages Expenses Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals 0 $ $ 0 Prepare end-of-January financial statements. (Balance Sheet only, items to 7. 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 Assets Liabilities Current Liabilities Current Assets Total Current Assets 0 Total Current Liabilities 0 0 Equipment, net Total liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders' C $ Total Assets 0 Equity