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please show the computation process, thank you. At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported the following
please show the computation process, thank you.
At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): a. Received $9,700 cash for consulting services rendered. b. Issued 12 additional shares of common stock at a market price of $121 per share. c. Purchased $660 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $900 from clients for consulting services to be performed in the next year. e. Bought $490 of supplies on account. f. Incurred and paid $1,830 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,640, due from clients in the next year. h. Received $3,200 from clients paying on their accounts. i. Incurred $6,230 in salaries in the current year, paying $5,330 and owing the rest (to be paid next year). j. Purchased $1,250 in short-term investments and paid $810 for insurance coverage beginning in the next fiscal year. k. Received $11 in interest revenue earned in the current year on short-term investments. Required: Prepare an unadjusted classified income statement for the current year ended December 31. (lgnore income taxes.) Note: Enter your answers in thousands, not in dollarsStep by Step Solution
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