QUESTION 1

Use the following information for all parts of Problem 1 (see below):

Following is an alphabetical list of accounts for Frenzy Freight Co.. for the year ended December 31, 2022:

Account	Amount
Accounts Payable	$281,700
Accounts Receivable	753,950
Accumulated Depreciation	128,900
Cash	351,340
Common Stock	390,600
Cost of Goods Sold	247,900
Deferred Revenue	83,600
Depreciation Expense	57,750
Dividends	20,000
Equipment	672,500
Income Tax Expense	138,300
Income Tax Payable	138,300
Interest Receivable	4,300
Interest Revenue	114,100
LongTerm Debt	219,600
Notes Payable (long-term)	356,040
Prepaid Insurance	6,800
Prepaid Rent	11,200
Rent Expense	30,500
Retained Earnings	207,400
Salaries and Wages Payable	23,400
Sales Revenue	904,000
Supplies	216,900
Supplies Expense	336,200

Problem #1 (25 points; multiple parts)

Use the information provided in the alphabetical table of accounts above to complete the following tasks:

*Part a - 6 points) Compose a (multistep) income statement in good form for the year ended December 31, 2022.

*Part b - 4 points) Compose a statement of stockholders' equity (or statement of retained earnings) for the year ended December 31, 2022. You can assume the retained earnings balance listed above is the BEGINNING retained earnings balance.

*Part c - 6 points) Compose a (classified) balance sheet in good form for the year ended December 31, 2022.

*Part d - 5 points) Prepare the necessary closing journal entries in good form.

Part e - 4 points) In the box below, enter the total debits (or total credits, as these should be the same number) that would be shown in a post-closing entry trial balance. Note: do not enter any symbols or punctuation; your answer should be numbers only.

*Submission Notes: Record your answers for parts a-d in MS Word, MS Excel, or on scratch paper (with neat handwriting) and email me (hoag@gonzaga.edu) your answers within five minutes of the end of your testing window. If you handwrite your answers, you'll need to take a photo and/or scan and send your answers to me. Please be sure your answers are legible.