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Required information The following information applies to the questions displayed below.] Massa Company, which has been operating for three years, provides marketing consulting services worldwide
Required information The following information applies to the questions displayed below.] Massa Company, which has been operating for three years, provides marketing consulting services worldwide for dot-com companies. You are a financial analyst assigned to report on the Massa management team's effectiveness at managing its assets efficiently. At the start of 2019 (its fourth year), Massa's T-account balances were as follows. Dollars are in thousands. Transactions for 2019: a. Provided $59,300 in services to clients who paid $48,900 in cash and owed the rest on account. b. Received $6,100 cash from clients on account. c. Received $450 in cash as interest revenue on investments. d. Paid $34,700 in wages, $12,900 in travel, $6,700 in rent, and $700 on accounts payable. e. Received $1,200 in cash from clients in advance of services Massa will provide next year. f. Received a utility bill for $660 for 2019 services. g. Declared and immediately paid $360 in dividends to stockholders. Assets Cash Accounts Receivable 8,200 4,100 Long-Term Investments 6,400 Liabilities Accounts Payable Unearned Revenue 5,400 1,500 Long-Term Notes Payable 1,500 Stockholders' Equity Common Stock ($0.10 par value) Additional Paid-in Capital 615 3,485 Retained Earnings 6,200 Revenues Consulting Fee Revenue Interest Revenue Expenses Wages Expense Travel Expense Utilities Expense Rent Expense 2. Enter the 2019 transactions in the T-accounts: (Enter your answer in thousands, not in doll Cash Accounts Receivable Beg. bal. Beg. bal. End. bal. End. bal. Accounts Payable Long-Term Investments Beg. bal. Beg. bal. End. bal. End. bal. Unearned Revenue Long-Term Notes Payable Beg. bal. Beg. bal. End. bal. End. bal. Common Stock Additional Paid-in Capital Beg. bal. Beg. bal. End. bal. End. bal. Retained Earnings Consulting Fee Revenue Beg. bal. Beg. bal. End. bal. End. bal. Interest Revenue Wages Expense Beg. bal. Beg. bal. End. bal. End. bal. Travel Expense Utilities Expense Beg. bal. Beg. bal. End. bal. End. bal. Rent Expense Beg. bal. End. bal
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