Prepare end-of-January financial statements. (Balance Sheet only, items to be deducted must be indicated with a negative amount.)

Required information [The following information applies to the questions displayed below.] Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited of 6 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 ped Assets Liabilities $1,475 Accounts Payable $ 1,010 Cash Accounts Receivable Supplies 900 Stockholders' Equity: 700 Contributed Capital $1,500 565 ook Retained Earnings Total Assets $3,075 Total Liabilities & Stk. Equity $3,075 sk int January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date ences 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 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 3 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 $630O 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 The company receives $3,350 from a customer for an advance order for services to be provided in January and February 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 20 25 30a paid on February 3 A $905 utility bill for January arrived. It is due on February 15 30b 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 on January 20 C. Interest is accrued for the bank loan. (Assume a full month for the 1s State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed