Required Information The following information applies to the questions displayed below) Francine's Fast Deliveries, Inc. FD) was organized in December of 2011. It had Amited actMly in 2011. The resulting balance sheet at the beginning of 2012 5 provided below Frances Fast Deliveries, Inc Balance Sheet at January 1, 2012 Assets Labes Cash $ 1,175 Accounts Payable Accounts Receivable 650 Stockholders' Equity Supplies 500 Contributed Capital Retained Eamings $ 865 $1,000 460 Total Assets $2,325 Total Ulabies & Stk. Equity $2,325 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners Invest $22,000 of additional cash in the business. 2a Supplies are purchased for $750 on account. Insurance is paid for 12 months beginning January t: $6.780 (Record as 2b an asset) Rent is paid for 3 months beginning in January S3350 (Record as an 20 asset 2d Two employees are hired. Each employee will be paid $1,150 per month 3FFD borrows $25,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $38,400. It 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 $455 of the receivables from December's sales are collected 8 $692 of the accounts payable from December are paid. Performed services for customers on account. Malled invoices totaling 9 $9,000 10 Services are performed for cash customers: 56,300. 16 Wages for the first half of the month are paid on January 16: SAISO 20 The company receives $2,750 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 $3,600 30a The last 2 weeks wages earned by employees are $575 per employee and will be paid on February 3 300 A $725 utility bill for January arrived it is due on February 15, Additional information for adjusting eines January 31 2 Supplies on hand on January 31 Oca 5375 The company completed 60 of the deliveries for the customer who paid in advance on January 20 Interest is accrued for the bank loan (Assume au monenterne State Bank loan d. Record January depreciation e Acust the prepaid asset Rent and insuranch accounts as needed 6 Prepare end-of-January financial statements. (Bulunce Shunt only, tems 7 deductud must be Indicumud with a neguthe amount.) X Answer is not completa. FAST DELIVERIES INC. Income Statement For the Month Ended January 31 Service Revenue $ 16,950 Expenses Wages Expense 2,300 Utilities Expense 7250 Supplies Expense 875 Depreciation Expense 8000 Insurance Expense 5650 Rent Expense 1,050 Interest Expense 125 IS 10,510 Answer is not completa. FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings, Beginning of Period Add: Dividends 460 X Add: Net Income 10.510 IS Retained Earnings, End of Period 10,970 Answer is not completa. FAST DELIVERIES, INC. Balance Sheet At January 31 Liabilities Assets $ 1,150 1,648 Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent $ 10,583 6,120 X 375 Current Liabilities Wages Payable Accounts Payable Interest Payable Unearned Revenue 125 1,100 CO 6,215 2,100 4,023 Total Current Liabilities Total Current Assets $ 25,393 38,400 (800) 4,023 37,600 Equipment, net Total liabilities Stockholders' Equity Contributed Capital Retained Earnings 23,000 10.970 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 33,970 37.993 $ $ 62,993 Total Assets 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 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 Assets: Liabilities: Cash $ 1175 Accounts Payable Accounts Receivable 650 Stockholders' Equity: Supplies 500 Contributed Capital Retained Earnings $ 865 $ 1.000 460 Total Assets $2.325 Total Llabilities & Stk. Equity $2,325 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners Invest $22,000 of additional cash in the business. 2a Supplies are purchased for $750 on account. 2b Insurance is paid for 12 months beginning January 1: $6,780 (Record as an asset) 20 Rent is paid for 3 months beginning in January: $3,150 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,150 per month 3 FFD borrows $25,000 from 1st State Bank at 6% annual Interest A delivery van is purchased for cash. Including tax the total cost was 6 $38,400. It 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 $455 of the receivables from December's sales are collected. 8 $692 of the accounts payable from December are pald. Performed services for customers on account. Mailed Invoices totaling 9 $9,000 10 Services are performed for cash customers: $6,300. 16 Wages for the first half of the month are paid on January 16: $1,150. 20 The company receives $2,750 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 $3,600 30a The last 2 weeks wages earned by employees are $575 per employee and will be paid on February 3. 300 A $725 utillty 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 $375. The company completed 60% of the deliveries for the customer who paid in 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. b. C