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Assets Cash Accounts Receivable Supplies balance sheet at January 1, 2012 Liabilities: $ 1,475 Accounts Payable 900 Stockholders' Equity 700 Contributed Capital Retained Earnings $ 1,010 $1,500 565 Total Assets $3,075 Total Liabilities & Stk. Equity $3,075 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $26,000 of additional cash in the business. 2a Supplies are purchased for $950 on account 2b Insurance is paid for 12 months beginning January 1: $7.500 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,750 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,430 per month 3 FFD borrows $29,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $48,000. 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 $630 of the receivables from December's sales are collected. 8 $808 of the accounts payable from December are paid. 9 Performed services for customers on account Mailed invoices totaling $9,800. 10 Services are performed for cash customers: $6,860. 16 Wages for the first half of the month are paid on January 16: $1,430. 20 The company receives $3,350 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): $3,920 The last 2 weeks wages earned by employees are $715 per employee and will be 30a paid on February 3. 30 A $905 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 $330. The company completed 60% of the deliveries for the customer who paid in advance b. 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. Answer is not complete. FAST DELIVERIES, INC. Income Statement IS 18,670 > Service Revenue Expenses Wages Expense Depreciation Expense Supplies Expense Insurance Expense Interest Expense Rent Expense Utilities Expense (2.860) (1,000) (1,250) (625 (145) (1,320) (905) Net Income IS 10,565 Answer is complete but not entirely correct. 565 FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings, Beginning of Period IS Add: Net Income Less: Dividends Retained Earnings, End of Period S 10,565 11.130 Answer is not complete. FAST DELIVERIES, INC. Balance Sheet Af January 31 Assets Liabilities Current Assets Olo Cash Accounts Receivable Prepaid Rent Supplies Prepaid Insurance Current Liabilities Accounts Payable Utilities Expense Wages Payable Uneamed Revenue Interest Payable 0 0 Total Current Assets Equipment Total Current Liabilities Notes Payable > 0 Total liabilities Equipment, net Stockholders' Equity Retained Earnings 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity IS 0 IS 0 Total Assets FAST DELIVERIES, INC. Balance Sheet At January 31 Liabilities Current Liabilities Accounts Payable Utilities Expense Accounts Payable Accounts Receivable Accummulated Depreciation 0 $ Cash 0 0 Total liabilities Stockholders' Equity Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders' Equity 0 S 0 $ rol FAST DELIVERIES, INC. Balance Sheet At January 31 Liabilities Current Liabilities Accounts Payable Utilities Expense Contributed Capital Depreciation Expense Equipment $ 0 Insurance Expense Interest Expense 0 Total liabilities Stockholders' Equity Retained Earnings 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 0 FAST DELIVERIES, INC. Balance Sheet At January 31 Liabilities Current Liabilities Accounts Payable Utilities Expense Notes Payable Prepaid Insurance Prepaid Rent Rent Expense Retained Earnings 0 Total liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0 $ FAST DELIVERIES, INC. Balance Sheet At January 31 Liabilities Current Liabilities Accounts Payable Utilities Expense Service Revenue Supplies Supplies Expense Unearned Revenue Utilities Expense Wages Expense 5 0 Total liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ FAST DELIVERIES, INC. Balance Sheet At January 31 Liabilities Current Liabilities Accounts Payable Utilities Expense Supplies Expense Unearned Revenue Utilities Expense Wages Expense Wages Payable 0 Total liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 5